Acquisition of HEXION Performance Adhesives & Coatings by Synthomer Plc

Speciality chemicals company Synthomer has acquired Hexion Performance Adhesives & Coatings (Hexion PAC) for $226m. The deal is expected to be completed in summer 2016, subject to regulatory approval. Hexion PAC develops, manufactures and markets dispersions, additives, powder coatings and speciality monomers for coatings, adhesives and construction applications. The business employs 750 people and operates seven sites across Europe, the US and Asia. In 2015, Hexion PAC generated sales of $370m and EBITDA of $30m. The acquisition is expected to be earnings enhancing for Synthomer in the first full year.

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