11 April 2005 00:01 [Source: ICB Americas]
Paramelt B.V., a Netherlands-based specialty wax producer, hasacquired Honeywell’s European and Asian industrial wax activities in Eupen, Belgium, and Suzhou, China. The two operations had 2004 aggregate revenues of $47.5 million. Combined capacities of the facilities are around 50,000 tons per year.
“The acquisition will bring significant synergy to the company’s packaging, food coatings, cosmetics and general industrial wax business, and will support our growth ambition in the Asia Pacific region,” says Paramelt.
The Chinese plant, which produces waxes for the tire and pack-aging industry, will operate un-der Paramelt Specialty Chemicals(Suzhou) Company Ltd. The Belgian plant will operate under Paramelt Belgium B.V.
Honeywell says the divestiture does not affect the specialty additives business. The company intends to divest its US-based industrial wax operations as well.
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