SK Capital Boosts Polymers/Specialty Chemicals
US investment firm SK Capital Partners has agreed to acquire the specialty polymers business of energy technology group Baker Hughes. The transaction is expected to close in the second half of this year.
The business, which has manufacturing operations in Barnsdall, Oklahoma, USA, produces specialty low molecular weight olefin polymers, including a range of differentiated functional polymers and premium, high melting point polyethylene waxes.
“We see tremendous opportunity for growth by further developing functional, solutions-oriented products that solve problems and create significant value for customers,” said Mario Toukan, SK Capital’s managing director.
In a second deal, the New York-based investor announced it is acquiring a majority stake in Techmer, a Clinton, Tennessee-based manufacturer of custom color and additive masterbatch solutions.
SK Capital will recapitalize Techmer in partnership with founder and CEO John Manuck, who will retain a “significant” stake in the company, which serves a diverse range of global markets, including agriculture, automotive, aerospace, construction and consumer products, among many others. SK did not disclose financial terms of the transaction or the size of its shareholding.
“Techmer is taking this step with SK to satisfy growing demands from brand owners and international clients who want to see the company expand its footprint to allow it to better serve customers no matter where they are in the world,” said Manuck.
SK Capital managing director Jon Borell added: “The specialty materials sector is an area where we have deep expertise through a number of our existing portfolio companies and we are excited to leverage our resources to further strengthen the business.”
Techmer operates seven manufacturing plants in North America, employing more than 600 people.
Last October, SK Capital, which focuses on investments in the specialty materials, chemicals and pharmaceuticals sectors, completed its acquisition of PolyOne’s Performance Products & Solutions business. It has renamed the business GEON Performance Solutions.
