Cognis (Monheim, Germany) says it has signed an agreement to sell its UV acrylates business to IGM Resins (Waalwijk, The Netherlands), a supplier of UV curing resins products. Financial terms were not disclosed. The sale is expected to be formally completed by June 2010.
The Valence Group (London) acted as Cognis’s exclusive financial advisor on the transaction. Cogniss UV acrylates business manufactures and sells monomers and oligomers for UV applications marketed under the Photomer brand name. The deal includes the sale of Cogniss Photomer trademarks, intellectual property, inventory, and the firms Charlotte, NC manufacturing site. The manufacturing employees at the site in Charlotte, as well as several business-related employees in the U.S., France and Asia, will be transferred to the new owner, Cognis says. The acquisition of the Photomer UV acrylates business complements and strengthens IGM Resins position as a fully integrated leading supplier of raw materials to the radiation curing industry globally and is a significant boost for our business, says John Huiberts, CEO of IGM Resins. The Photomer business has a strong market position globally and is a highly respected brand, and it is IGM Resins aim to further develop and strengthen that position, he says. The UV acrylates business is part of Cognis Functional Products strategic business unit. The sale is in line with Cognis strategy to focus on its core businesses and product groups supporting the wellness and sustainability trends, Cognis says.