US-based specialty materials firm Celanese has agreed to acquire polyvinyl acetate assets from Ashland, including its Vinac and Flexbond product lines, to support strategic growth of Celaneses emulsion polymers business.
The transaction is expected to close within 60 days, subject to satisfaction of closing conditions, the companies said. Terms were not disclosed.
Revenues of Vinac and Flexbond were approximately $45 million in 2010.
Celanese is a global leader in emulsion polymers, and this acquisition broadens our innovative product offerings to support our customers in growth-oriented segments, said Doug Madden, chief operating officer for Celanese. This transaction is consistent with our strategy to create shareholder value through strategic portfolio enhancements.
This acquisition will accelerate the growth of the emulsion polymers business throughout the Americas in key segments such as adhesives, textiles, coatings and paper, said Phillip McDivitt, general manager, Celanese Emulsion Polymers.
The addition of Vinac and Flexbond will expand our product portfolio while building upon Celaneses emulsion process technology at our Enoree, S.C., and Boucherville, Quebec, Canada, manufacturing facilities.
Vinac branded products are used to make a variety of adhesives for use in woodworking and paper packaging and converting applications.
These vinyl-based polymers can be used to make water resistant wood glues and adhesives suitable for use with various kraft and coated paperboards.
Flexbond branded products are used to make interior and exterior architectural paints. These paints exhibit characteristics such as scrub and stain resistance in interior paints and weather resistance in exterior formulas, according to the company.
Ashland said the sale includes the transfer of its polyvinyl acetate homopolymer and copolymer (PVAc) businesses, including inventory and related technology.