Synthomer PLC Acquisition of BASF Pischelsdorf (0270S)
September 28 2017 - 1:00AM
UK Regulatory
TIDMSYNT
RNS Number : 0270S
Synthomer PLC
28 September 2017
28 September 2017
Synthomer plc
Acquisition of BASF Pischelsdorf, Austria SBR Business
Synthomer plc (LSE: SYNT) ('Synthomer' or the 'group'), a
leading specialty chemicals company, today announces the
acquisition of the BASF Austrian SBR business and assets (the
'Business'). The enterprise value of EUR30 million will be fully
funded from existing resources.
The Business produces Styrene Butadiene Rubber ("SBR") used in
the paper industry, notably in packaging end-markets. The Business
operates from one site in Pischelsdorf, Austria. The acquisition
will enhance Synthomer's SBR business and production network for
paper/packaging applications as well as increase the group's access
to attractive new opportunities across Europe.
The acquisition is expected to complete early in 2018 following
receipt of regulatory approvals and satisfaction of other closing
conditions.
Calum MacLean, Chief Executive Officer of Synthomer, said:
"This is another bolt-on acquisition that represents an
excellent fit for Synthomer. It underscores our long term
commitment to our customers in the paper industry, whilst providing
us with an additional site to strengthen our network and stronger
access to growing packaging end-markets in Europe. We look forward
to welcoming our new colleagues and integrating the business into
our European network in the first half of next year."
-ends-
Enquiries:
Stephen Bennett, Chief Financial Officer Tel: 01279 436211
Charles Armitstead, Teneo Blue Rubicon Tel: 020 3603 5220
This information is provided by RNS
The company news service from the London Stock Exchange
END
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