Huntsman to acquire CVC from Emerald

Huntsman Corporation has agreed to buy CVC Thermoset Specialties, part of Emerald Performance Materials, from its private equity owner, American Securities, for $300 million. The parties expect the transaction to close midyear. CVC has annual revenues of $115 million. It makes specialty epoxy resins, reactive modifiers, polymer tougheners, curing agents, and nitrile latex at plants in Akron, Ohio, and Maple Shade, New Jersey. Huntsman calls the acquisition a “bolt-on” to its Advanced Materials division, which makes epoxy resins and curing agents and had about $1 billion in sales in 2019. Huntsman says it’s on the lookout for similar-sized acquisitions. The company completed the $2 billion sale of its intermediates and surfactant business to Thailand’s Indorama in January and soon after bought Icynene-Lapolla, a maker of spray polyurethane insulation foam, for $350 million.