Huntsman Corporation completed the acquisition of CVC Thermoset Specialties, Inc. from Emerald Performance Materials, LLC for approximately $310 million.
May 17, 2020
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Huntsman Corporation (NYSE:HUN) entered into agreement to acquire CVC Thermoset Specialties, Inc. from Emerald Performance Materials, LLC for $300 million on March 15, 2020. As part of terms of agreement, consideration will be paid in cash and is subject to customary closing adjustments. The transaction is funded from the available liquidity. For the year ended December 31, 2019, CVC Thermoset Specialties reported annual revenues of approximately $115 million. Based on full year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 10 times, or between approximately 7 to 8 times pro forma for synergies. The transaction is expected to close around midyear of 2020. Morgan Stanley (NYSE:MS) acted as financial advisor to Emerald Performance Materials, LLC in the transaction. Kirkland & Ellis advised Huntsman Corporation in the transaction. The Kirkland team was led by corporate partner Shawn O’Hargan, David MacDonald, Mike Carew, Adam Kool, Melissa Renae Grim, Matthew Keiser, Scott Price, Kate Coverdale, Toby Chun, Carleigh Trappe Rodriguez, Ian John, Peter McCormack, Paula Riedel, John Thomas Goldman, Ian Craig, Mario Mancuso, Anthony Rapa, Lisa Esayian and Peter Farrell. Jefferies LLC acted as financial advisor to Emerald Performance Materials, LLC. Michael E. Lubowitz of Weil, Gotshal & Manges LLP acted as legal advisor to Emerald Performance Materials, LLC and its associate parent American Securities LLC in the transaction.
Huntsman Corporation (NYSE:HUN) completed the acquisition of CVC Thermoset Specialties, Inc. from Emerald Performance Materials, LLC for approximately $310 million on May 18, 2020.
Huntsman Corporation is a manufacturer of diversified organic chemical products. The Company operates through three segments: Polyurethanes, Performance Products and Advanced Materials. Polyurethanes product segment includes methylene diphenyl diisocyanate, polyols, thermoplastic polyurethane products. Performance Products segment engaged in manufacturing and sale of amines and maleic anhydride and serves a wide variety of consumer and industrial end markets. Its Advanced Materials segment includes technologically advanced epoxy, phenoxy, acrylic, polyurethane, mercaptan and acrylonitrile butadiene-based polymer products as well as carbon nanomaterials. Its products comprise different chemicals and chemical formulations, which it markets globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. The Companyâs products are used adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable.
Huntsman Corporation completed the acquisition of CVC Thermoset Specialties, Inc. from Emerald Performance Materials, LLC for approximately $310 million.
HUNTSMAN CORPORATION 
