HOUSTON, March 15, 2022 /PRNewswire/ -- Kraton
Corporation (NYSE: KRA) ("Kraton"), a leading global sustainable
producer of specialty polymers and high-value bio-based
products derived from pine wood pulping co-products, today
announced that the merger pursuant to which DL Chemical Co., Ltd.
("DL Chemical") acquired Kraton, has been completed on March 15, 2022. DL Chemical acquired Kraton in an
all-cash transaction valued at approximately $2.5 billion.
The merger enables Kraton to strengthen its global presence by
leveraging DL Chemical's manufacturing capabilities and
footprint in the Asian market, along with its financial strength,
allowing Kraton to further invest in industry-leading sustainable
innovation. The merger also accelerates both DL Chemical's and
Kraton's vision of being a global leader of specialty
chemicals.
The transaction was announced on September 27, 2021, and received Kraton
stockholder approval on December 9,
2021. As a result of the transaction completion, Kraton is
now a wholly owned subsidiary of DL Chemical. Effective today, Mr.
Marcello Boldrini and Dr.
Holger Jung will lead Kraton as
Co-Chief Executive Officers, overseeing Kraton's Chemical and
Polymer segments, respectively.
"Today marks an exciting new chapter for Kraton," said Mr.
Boldrini, Co-CEO of Kraton. "We are thrilled to be part of the DL
Chemical group and look forward to working with their talented team
to advance our sustainable business even further."
"We are pleased to have completed this transaction and look
forward to what the future holds for Kraton and DL Chemical," said
Dr. Jung, Co-CEO of Kraton. "DL Chemical provides the financial
strength and the growth-oriented focus that allows Kraton to
further invest in innovation and compete more effectively in the
global market."
About Dr. Holger Jung
Since 2011 Dr. Jung has
served as Kraton's Senior Vice President and Polymers' Segment
President. Through his experience and leadership, the Polymers
business has experienced growth and expansion. Before Kraton, Dr.
Jung held multiple leadership positions with Invista, a Koch
Industries subsidiary, prior to serving as Vice President of
Invista's North American Polyester & Intermediates business.
Dr. Jung holds a Ph.D. in polymer chemistry from the University of
Marburg in Germany.
About Mr. Marcello
Boldrini
Appointed as Kraton's Senior Vice President
and Chemical Segment President in April
2017, Mr. Boldrini has successfully led Kraton's Chemical
segment businesses. In April 2021, he
was also appointed to the role of Chief Sustainability Officer.
Before Kraton, Mr. Boldrini held senior-level positions at Houghton
International, Hexion/Momentive, Ashland, Quaker Chemical,
Unilever/Unichema, and internationally served on several JV boards.
Mr. Boldrini holds an MS in Chemistry from the University of
Milan, Italy, and an MBA from
Bocconi University in Milan, Italy.
About Kraton
Kraton Corporation is a leading global producer of specialty
polymers and high-value performance products derived from renewable
resources. Kraton's polymers are used in a wide range of
applications, including adhesives, coatings, consumer and personal
care products, sealants and lubricants, and medical, packaging,
automotive, paving and roofing products. As the largest global
provider in the pine chemicals industry, the company's pine-based
specialty products are sold into adhesive, road and construction
and tire markets, and it produces and sells a broad range of
performance chemicals into markets that include fuel additives,
oilfield chemicals, coatings, metalworking fluids and lubricants,
inks and mining. Kraton offers its products to a diverse
customer base in over 70 countries worldwide. Kraton,
the Kraton logo and design are all trademarks
of Kraton or its subsidiaries or affiliates.
About DL Chemical
DL Chemical is a leading
petrochemical company with more than 46 years of operational
experience and unique technological know-how. Based in Korea, the
company was the first petrochemical firm in the country to
commercialize metallocene polyethylene and polybutene, as well as
the first to export polybutene technology to the United States. DL Chemical is the world's
largest producer of polybutene with a production capacity of 200
KTA year. DL Chemical has commercialized BOCD (Broad Orthogonal
Co-Monomer Distribution) polyethylene and EPO (Ethylene-Propylene
Oligomer) for only the second time worldwide. In March 2020, DL Chemical (as a part of Daelim
Industrial Co., Ltd. before the split-off of DL Chemical) acquired
Kraton's CariflexTM business for $530 million in cash.
For additional information:
Kristen Boyd
281-504-4986
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SOURCE Kraton Corporation
