Last checked at 28 Sep 2017 07:00
28 September 2017
Synthomer plc
Acquisition of BASF Pischelsdorf, Austria SBR Business
Synthomer plc (LSE: SYNT) ('Synthomer' or the 'group'), a leading specialty chemicals company, today announces the acquisition of the BASF Austrian SBR business and assets (the 'Business'). The enterprise value of €30 million will be fully funded from existing resources.
The Business produces Styrene Butadiene Rubber ("SBR") used in the paper industry, notably in packaging end-markets. The Business operates from one site in Pischelsdorf, Austria. The acquisition will enhance Synthomer's SBR business and production network for paper/packaging applications as well as increase the group's access to attractive new opportunities across Europe.
The acquisition is expected to complete early in 2018 following receipt of regulatory approvals and satisfaction of other closing conditions.
Calum MacLean, Chief Executive Officer of Synthomer, said:
"This is another bolt-on acquisition that represents an excellent fit for Synthomer. It underscores our long term commitment to our customers in the paper industry, whilst providing us with an additional site to strengthen our network and stronger access to growing packaging end-markets in Europe. We look forward to welcoming our new colleagues and integrating the business into our European network in the first half of next year."
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Enquiries:
Stephen Bennett, Chief Financial Officer Tel: 01279 436211
Charles Armitstead, Teneo Blue Rubicon Tel: 020 3603 5220