02 December 2010 21:15 [Source: ICIS news]
HOUSTON (ICIS)--Bayer MaterialScience acquired the remaining 50% of its North American polyurethane (PU) specialties joint venture (JV) from PolyOne, the companies said on Thursday.
Financial terms of the transaction were not disclosed.
“This transaction gives BayOne full access to Bayer MaterialScience markets and technologies that can accelerate growth,” said Fernando D’Andrea, general manager of St Louis, Missouri-based BayOne.
BayOne has 33 employees and focuses on urethane systems development and service in application areas such as footwear, rigid foams and flexible moulded foams, Bayer said.
PolyOne said the cash it received in the deal would provide additional liquidity to support organic and mergers and acquisitions (M&A) growth strategies.
Through September, PolyOne said it had recorded $2.2m (€1.7m) in 2010 equity earnings from its 50% share of BayOne profits.
($1 = €0.76)
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