Industry News

DIC Executes Sales Agreement for Reichhold's Formulated Adhesives Business

Published on 2002-03-18. Author : SpecialChem

Reichhold, Inc. in conjunction with parent company, Dainippon Ink & Chemicals, Inc. (DIC) have agreed to complete the sale of the adhesives business to Forbo Holding AG (headquartered in Switzerland). The intent to sell was originally announced on November 14, 2001. Both parties are expecting to obtain the approval from the relevant authorities in the next few weeks, and will move on to complete the transactions. Terms of the sale will not be disclosed.

DIC decided to divest Reichhold's adhesives business, which has annual sales of approximately US$250 million (30 billion yen) with some 600 employees, as part of the plan to restructure its overall business from the viewpoint of "Select and Focus." Earlier this year, Reichhold formed Dow Reichhold Specialty Latex, a 50/50 joint venture with Dow Chemical and it sold its carpet/paper latex business to Dow as part of its restructuring plan. Both key strategic moves for Reichhold's new business strategy of refocusing on its core businesses: composites and coating and performance resins.

For more information on Reichhold, visit www.reichhold.com.

Reichhold is the leading global supplier of polymer resins for composite applications in a wide variety of markets, including marine construction, transportation and automotive. The company also provides a vast range of specialty resins to the coatings industry for use in architecture, wood and other markets. For more information on Reichhold visit www.reichhold.com

Source: Dianippon Ink and Chemicals, Inc.

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