12 January 2009 22:12 [Source: ICIS news]
HOUSTON (ICIS news)--French specialty chemical company Rhodia said on Monday it has agreed to purchase US chemical manufacturer McIntyre Group for $100m (€74m) in a bid to expand its geographic reach and products portfolio.
The privately held McIntyre, specialising in household and industrial surfactants, showed double-digit growth rates in the past three years and is estimated to have had $146m in sales for 2008 and around 10% recurring earnings before interest, tax, depreciation and amortisation (EBITDA) margin, Rhodia said. McIntyre has sales networks in Singapore and Brazil and manufacturing plants in the UK and Illinois, where it also has its headquarters.
Rhodia said it could double McIntyre’s EBITDA by 2011 by improving supply chain, procurement and cross-selling operations. In turn, Rhodia will benefit from an expanded products portfolio and access to Asian and Latin American markets, the company said.
The acquisition “will reinforce our presence in innovative markets which are largely resistant to economic downturns”, Rhodia CEO Jean-Pierre Clamadieu said in a statement.
The deal is subject to approval by US and European regulators. Rhodia said it expects to conclude the acquisition in first-quarter 2009.
Rhodia reported an EBITDA before restructuring and other operating income and expenses of €799m for the full year of 2007. Last month, it decreased its full-year 2008 EBITDA expectations by 10% after seeing a dramatic slowdown in demand for its products.
($1 = €0.74)For more on Rhodia visit ICIS company intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections