Borden buys Bakelite
11 Oct 2004
Borden Chemical, a supplier of thermoset and other high performance resins, adhesives and specialty materials, is to acquire Bakelite from its parent company, Rütgers.
Based in Iserlohn-Letmathe, Germany, Bakelite is a producer of phenolic and epoxy thermosetting resins and moulding compounds with 13 manufacturing facilities in Europe and Asia. Last year, the company generated sales of $610 million and has 1,700 employees.
'We regard Bakelite as a strategic investment that will greatly expand our international operations, particularly in Europe and Asia,' said Craig O. Morrison, president & CEO of Borden Chemical. Most of Bakelite's sales and operations are outside North America, while the bulk of Borden Chemical's sales and operations are within North America.
Bakelite was the world's first manufacturer of fully synthetic plastics and is one of the best-known names in the synthetic resins industry.
Borden Chemical, based in Columbus, OH, has 2,400 employees and last year had sales of $1.4 billion. The Company is owned by the investment firm Apollo Management, LP, which acquired Borden Chemical in August.
Terms of the purchase agreement were not disclosed. The transaction is subject to regulatory and other customary closing conditions.
