Altana Takes Solvay’s Formulated Resins
German specialty chemical company Altana has acquired the formulated resins business of Belgium’s Solvay for an undisclosed sum. Solvay originally gained the assets as part of its purchase of Cytec Industries in 2015.
Altana said the deal, which adds a research and production facility in Olean, New York, USA, employing 53 people, strengthens its position as a technology leader and expands its presence in North America, particularly in electronics.
The business, which generated sales of around $20 million in 2015, will be integrated into Elantas PDG, based in St. Louis, Missouri, part of the Elantas Electrical Insulation division. The products are sold mostly under the Conap brand name and are used in electronics, electrical and specialty adhesive applications.
Guido Forstbach, division president of Elantas Electrical Insulation, said Solvay’s resins perfectly complement its existing portfolio and will allow it to offer customers worldwide even more innovative solutions in the field of electrical insulation and beyond.
The deal is expected to close in the first half of 2017, subject to the usual closing conditions and antitrust approvals.
The Brussels-based group is currently in the throes of divesting its commodity assets to focus on specialty chemicals and resins. In the past month, Solvay has completed the sale of its Indupa chlorvinyls business in South America to Unipar Carbocloro and confirmed the sale of its Vinythai chlorvinyls activities in Thailand to Asahi Glass and its cellulose acetate tow business to private equity funds managed by Blackstone.
