Global specialty chemicals supplier Cognis recently signed an agreement that it intends to sell its UV acrylates business to IGM Resins.
Global specialty chemicals supplier Cognis recently signed an agreement that it intends to sell its UV acrylates business to IGM Resins B.V., based in Waalwijk, The Netherlands. The UV acrylates business is part of Cognis’ Functional Products strategic business unit. The sale is expected to be formally completed by June 2010. The UV acrylates business manufactures and sells monomers and oligomers for UV applications marketed under the Photomer brand name. The sale of the UV acrylates business includes the Photomer trademarks, intellectual property, inventory, and the Charlotte manufacturing site in the U.S. The manufacturing employees at this site will be transferred to the new owner, as well as several business related employees in the U.S., France and Asia.
“We firmly believe that we have found a growing and entrepreneurial player in the global UV acrylates business that is in the position to develop the business successfully and enabling a more comprehensive product offering for the customers,” said Paul Allen, executive vice president, Cognis Functional Products. “We will work closely together with IGM Resins to ensure a smooth transition of the business.”