Trinseo Pays $445 Million for Aristech
Trinseo has agreed to buy Aristech Surfaces from Falcon Private Holdings for $445 million. Headquartered in Florence, Kentucky, USA, Aristech is a leading North American manufacturer of polymethyl methacrylate (PMMA) continuous cast and solid surface sheets serving wellness applications, such as hot tubs and spas, as well as architectural, transportation and industrial markets.
Trinseo president and CEO Frank Bozich said Trinseo sees the wellness market as particularly attractive, as well as Aristech’s large and expanding position in Asia, where the company has identified significant potential over the coming years.
“The acquisition of Aristech allows us to provide a full offering of PMMA technologies and innovative products that serve customers in new, high-growth markets,” said Bozich. “This is an important next step towards our goal of becoming a global specialty materials and sustainable solutions provider.”
Barry Siadat, co-founder of Falcon, added: “Since the carve-out from Mitsubishi Corporation in 2008, Falcon has actively collaborated with management to establish Aristech as a thriving independent business by improving processes, investing to expand operational capabilities, growing in core hot tub and bathtub applications and entering new markets and applications in the US and internationally.”
Falcon is the private investment vehicle of Siadat and Jamshid Keynejad, both co-founders and managing directors of SK Capital Partners.
Trinseo expects that the deal will close by the end of 2021, when the business will become part of its Engineered Materials segment. The acquisition, which comes just a couple of months after Trinseo closed its purchase of Arkema’s PMMA business, is expected to generate roughly $10 million in annual pretax cost synergies by 2024.
Author: Elaine Burridge, Freelance Journalist
