01 July 2013 10:50 [Source: ICIS news]
LONDON (ICIS)--Kemira has agreed to acquire Italian-headquartered polyacrylamide (PAM) plastics producer 3F Chimica for €85m ($110m), the Finnish chemicals manufacturer said on Monday.
The acquisition excludes certain US assets of the Italian company, it added.
3F Chimica is a producer of dry and emulsion PAM polymers and process chemicals, with plastics production backward-integrated into intermediates such a bio-acrylamide and cationic monomers. It is expected to have a turnover of about €75m in 2013.
Kemira said it will acquire two manufacturing sites in Italy and one in the US.
3F Chimica’s acrylamide-based products are used in paper production, drilling, extraction and stimulation in the oil and gas industry, in the mining industry and in wastewater treatment and sludge dewatering.
“Besides the strong strategic fit, the transaction is expected to result in substantial synergies through raw material, logistics and fixed cost savings," said Kemira’s president for oil and mining in North America, Randy Owens.
Closing of the transaction is expected in the fourth quarter.
($1 = €0.77)
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