DURHAM, N.C.--(BUSINESS WIRE)--Reichhold Holdings International B.V. today announced that it has received a binding offer from Ashland Global Holdings Inc. (NYSE: ASH) to acquire Reichhold’s composites resin plant in Étain, France. Price and other terms were not disclosed. The signing of a definitive agreement is subject to labor consultation, and the acquisition is subject to regulatory approvals and other customary closing conditions.
The facility, which employs approximately 50 people, manufactures unsaturated polyester resins (UPR) used in a variety of end markets, including transportation and construction.
John Gaither, President and CEO of Reichhold, commented: “The proposed divestiture of the Étain facility is important for the finalization of the Polynt/Reichhold combination creating a leading global vertically-integrated manufacturer of resins for composites and coatings as well as other specialized chemicals, including intermediates, plasticizers, additives and compounds. The manufacturing footprint of the Polynt/ Reichhold combined entity will provide the ideal platform to service our customers.”
Founded in 1927, Reichhold, with its world headquarters and technology center in Research Triangle Park, North Carolina, USA, is one of the world’s largest manufacturers of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold has manufacturing operations throughout North America, Latin America, Europe, the Middle East and Asia.