Pittsburgh, February 21, 2017 — Covestro LLC has agreed to sell its North American spray polyurethane foam system house to Accella Polyurethane Systems LLC (“Accella”). Accella is a portfolio company of Arsenal Capital Partners. The sale is scheduled to be completed in the second quarter of 2017. Financial terms have not been disclosed.
Covestro’s spray polyurethane foam business is located in Spring, Texas. The roughly 40 Covestro employees at the Spring facility will be offered the opportunity to become Accella employees. Operations will continue at the current facility.
“The accomplishments of Covestro’s spray polyurethane foam team cannot be overstated. Both technically and commercially, their contributions have helped grow spray polyurethane foam as a technology in the construction market,” said Jerry MacCleary, president of Covestro LLC. “This divestiture will allow us to focus on our core business while allowing our spray polyurethane foam employees to continue to shape the industry as a part of Accella.”
“This acquisition will significantly improve Accella’s position in the spray polyurethane foam market. The addition of a well-rounded product technology portfolio and a team of highly regarded industry experts will complement our current spray polyurethane foam business nicely,” said Andy Harris, president and CEO of Accella. “Moving forward, Accella intends to focus on investing in and growing our spray foam business to meet the needs of our valued customers with the best people, products and service in the industry.”
The Covestro LLC Spring, Texas, facility includes both commercial and production operations, serving North America as a leading producer of spray polyurethane foam, which is used as insulation and roofing in the construction of commercial buildings and residential homes.
About Covestro LLC:
Covestro LLC is one of the leading producers of high-performance polymers in North America and is part of the global Covestro business with 2015 sales of EUR 12.1 billion. Covestro manufactures high-tech polymer materials and develops innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction, medical and sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 15,800 people at the end of 2015.
About Accella Corporation:
Accella is a leading manufacturer of custom formulated polyurethane systems, and polyurethane based recycled rubber products formed from the strategic combination of Dash Multi-Corp, MarChem, Arnco, Pathway Polymers, Ultimate Systems, RB Rubber, IPS Polymer Systems, Zeus, Premium Spray Products, Coating & Foam Solutions, Burtin Polymer Labs and Quadrant Spray Foam. The polyurethane business is focused on foams, binders, coatings, adhesives, sealants and elastomers. The recycled rubber products business manufactures recycled tire crumb, custom colored EPDM granules, custom and rolled matting, equine matting, athletic flooring, playground safety surfacing and various custom molded products, all based on Accella polyurethane technology. The company manufactures in eight production facilities across the United States, one in Europe and one in China. To learn more about Accella Performance Materials go to www.accellacorp.com.
Russell Glorioso, Phone: +1 412-525-9330
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This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available on the Covestro website at www.covestro.com. Covestro assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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