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Huntsman completes Gabriel Performance Products acquisition

January 18/2021

MOSCOW (MRC) -- Huntsman says it has completed the acquisition of Gabriel Performance Products, a maker of epoxy curing agents for coatings, adhesives, and sealants, for USD250 million, according to Chemweek.

Gabrielís prior owner was private equity firm Audax (Boston, Massachusetts). The deal was announced on 7 December.

Gabriel generated USD106 million in revenue during 2019, and operates three manufacturing facilities in Ohio, Pennsylvania, and South Carolina. The dealís purchase price represents a multiple of about 11 times (x) Gabrielís 2019 EBITDA.

As MRC reported earlier, in late December, 2020, SK Capital Partners completed the acquisition of a 39.75% stake, roughly 42.4 million shares, in titanium dioxide maker Venator from Huntsman for roughly USD100 million. The deal includes a 30-month option for the purchase of Huntsmanís remaining approximate 9.5 million shares by SK at US2.15/share. Huntsman spun off Venator in a 2017 initial public offering.

We remind that Nanjing Jinling Huntsman, a joint venture between Huntsman and Sinopec Jinling, shut its propylene oxide plant in Nanjing (Nanjing, Jiangsu Province, China) on November 1, 2020, for scheduled maintenance. This plant with a capacity of 240,000 tonnes/year of propylene oxide was closed until approximately 25 November.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's DataScope report, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately USD7 billion. The company's chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. The company operates more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions.
Author:Margaret Volkova
Tags:pigments, homopolymer PP, propylene, paints and coatings, Huntsman, SK Corporation, China, Russia, USA, South Korea.
Category:General News
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