Cognis has 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, NC 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 US, France and Asia.
The sale is in line with Cognis’ strategy to focus on its core businesses and product groups supporting the wellness and sustainability trends.
“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.”
“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,” John Huiberts, CEO of IGM Resins, said. “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.”