Huntsman group acquires CVC thermosetting special materials company to expand the special chemical product portfolio

Huntsman group announced yesterday that it had reached an agreement on the acquisition of CVC thermosetting specialty materials CVC thermosetting specialty materials Co., Ltd is a special chemical manufacturer in North America, mainly serving the industrial composite material, adhesive and coating market CVC thermosetting special materials Co., Ltd is a subsidiary of emerald high performance materials Co., Ltd., which is a subsidiary of American securities LLC CVC thermosetting specialty materials, with an annual revenue of about $115 million, currently has two plants, located in Akron, Ohio, and mepushed, New Jersey Under the terms of the agreement, Huntsman will pay $300 million for the acquisition, subject to the final adjustment of working capital and other influences This transaction is all cash transaction, and the capital source is the company's available current assets The acquisition price is about 10 times of the adjusted EBITDA (EBITDA) in 2019, or the estimated value of synergies is about 7-8 times The realization of the lower limit of synergies depends on the stable growth of market conditions The deal is expected to be completed by mid-2020.