Pittsburgh, April 3, 2017 — Covestro LLC has completed the sale of its North American spray polyurethane foam system house to Accella Polyurethane Systems LLC (“Accella”). Accella is a portfolio company of Arsenal Capital Partners. Financial terms have not been disclosed.
Covestro’s spray polyurethane foam business is located in Spring, Texas. The roughly 40 Covestro employees at the facility have been engaged by Accella. Operations will continue at the current facility.
The spray polyurethane foam business at the 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.
Covestro will continue to supply its high-quality polyurethane raw materials to the spray polyurethane foam industry and provide industry support in this high-growth segment. Covestro remains committed to its core raw materials and systems segments in the North American polyurethane market.
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 2016 sales of EUR 11.9 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 15,600 people at the end of 2016.
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 press 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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