COIM USA to acquire Air Products’ Polyurethane Pre-Polymers Business
WEST DEPTFORD, NJ. (October 19, 2009)
COIM USA Inc., a fully owned subsidiary of global polyurethane chemicals producer COIM SpA, today signed an agreement to buy Air Products’ (NYSE:APD) polyurethane pre-polymers business, marketed under the Airthane® and Versathane® tradenames. Also included in the deal is Air Products’ manufacturing facility in Paulsboro, N.J. Terms of the deal are not being disclosed.
“This acquisition allows COIM to complete its Imuthane ® product portfolio with well established low free monomer technology,” said Lucio Siano, Vice President and General Manager, COIM USA. “The Versathane and Airthane business will also benefit from the up-stream integration provided by the state-of-the-art polyester manufacturing facility located in West Deptford, N.J.”
“We are pleased to reach an agreement for our polyurethane pre-polymers business with a higher value owner like COIM,” said Bob Thomas, Global Business Manager, Performance Materials Division for Air Products.
“Going forward, Air Products will continue to focus on its polyurethane specialties business and have high expectations for our Innovathane®, Dabco® and Polycat® products.”
Polyurethane pre-polymers are used in many cast elastomer markets, such as industrial tires and wheels, printing rollers, cutting and metal forming blankets, and custom parts for dynamic performance and durability as well as high performance adhesives.
Air Products had fiscal 2008 revenues of $10.4 billion, operations in over 40 countries, and 21,000 employees around the globe.