ICI SET TO ACQUIRE
EMULSION POWDERS BUSINESS
ICI has agreed to acquire the Celanese
emulsion powders business for $25.5
million. The Frankfurt, Germanybased
business recorded sales of €32
million and operating profit of €1.9
million 2004 and has approximately
50 employees.
This will be the first significant
bolt-on acquisition made by ICI in several
years. It will strengthen National
Starch’s Elotex business unit and create
the opportunity for significant synergies
between the two businesses,
according to the firm. Elotex, which is
part of National Starch and
Chemical’s speciality polymers division,
is a producer of polymeric additives
used to enhance the properties of
building materials such as ceramic tile
adhesives, repair mortars, grouts, floor
screeds and wallpaper adhesives. The
acquisition of the Celanese emulsion
powders business will extend the
range of Elotex’s end markets and
applications and will provide additional
growth opportunities and increased
geographic coverage. The transaction
is expected to be completed in the
third quarter.