Covestro Sells US PU Foams Plant to Accella
Germany’s Covestro has agreed to sell its spray polyurethane foams (SPF) plant in Spring, Texas, USA, to Accella Polyurethane Systems for an undisclosed sum. The facility includes commercial and production operations and employs about 40 people. The sale is expected to complete in the second quarter.
SPFs are used as insulation and roofing for buildings. Accella has made several acquisitions of SPFs and other PU products in recent years, and CEO Andy Harris said the company intends to continue investing in and growing the business.
Accella is owned by New York-based private equity firm Arsenal Capital. John Televantos, partner at Arsenal Capital, said the acquisition further strengthens Accella’s position as the leading independent PU systems house in North America. He commented: “We are committed to support the ongoing growth of Accella and invest in strategies that will further transform the business.” The St. Louis, Missouri-based company has eight production plants in the US, one in Europe and one in China.
Jerry MacCleary, president of Covestro LLC, said the divestment will allow the company to focus on its core business.
