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On March 16th Hensmey announced that it would spend $300 million to acquire CVC thermosolystical specialty materials to expand its portfolio of specialty chemicals. The transaction is expected to close by mid-2020.
CVC Thermooensate Specialty Materials, Inc. is a North American manufacturer of specialty chemicals that serve the industrial composites, adhesives and coatings
. CVC Thermosoend Specialty Materials is a subsidiary of Emerald High Performance Materials, which is controlled by a subsidiary of American Securities LLC.
CVC Thermosoend Specialty Materials, which earns about $115 million a year, currently has two plants in Akron, Ohio, and Meplescheid, New Jersey. Under the terms of the agreement, Huntsman will pay $300 million for the acquisition, subject to final adjustments subject to working capital and other effects.
said the deal was all-cash and funded by the company's access to liquid assets. The purchase price is approximately 10 times adjusted EBITDA (earnings before interest, tax and amortization) for the full year 2019, or about 7 to 8 times the estimated synergies, and the lower limit for achieving synergies depends on market conditions for steady growth.
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