Reichhold and Polynt form new speciality chemicals company
Global manufacturer of unsaturated polyester resins Reichhold and intermediates and composites manufacturer Polynt Group have completed the merger to create a new speciality chemicals group called Polynt-Reichhold (the Group).
Polynt-Reichhold will focus on the production of a wide range of products, including intermediates, coating and composite resins, and niche specialities segment with more than €2bn in terms of revenue.
The decision to merge two companies was announced last year, and the deal is now complete after receiving all regulatory approvals.
Polynt-Reichhold president and CEO Rosario Valido said: "We intend to quickly align the cultures within the combination to support our global leadership position, better serve our customers and create value for our shareholders.
"With 44 plants across the world, the company will be the closest to the local needs of its customers and the just-in-time suppliers of speciality chemicals in the geographies in which they have operations.
“Our aim is to grow our business together with our customers and to drive the quality of our products toward the highest expectations of the industry."
US-based asset management firm Black Diamond Capital Management (Black Diamond) and European investment firm Investindustrial will own an equal stake in the newly formed company.
Black Diamond managing principal Stephen Deckoff said: "We are pleased with the final outcome of this combination as it brings together two leading speciality chemical businesses with global footprints.
“The combination provides the opportunity to capitalise on increased scale, complementary manufacturing and product development capabilities, and significant synergies to compete successfully in the marketplace going forward."
The combination is expected to strengthen the group's presence in North America, Europe, and Asia.
Image: Reichhold and Polynt merge to create a global chemical company called Polynt-Reichhold. Photo: courtesy of PRNewsfoto/Black Diamond.