Harima Chemicals Inc., a leading producer of pine-based products, announced that it has purchased the global Ink & Adhesive Resins (IAR) business of Momentive Specialty Chemicals Inc.
With 2009 annual revenues of $279 million, IAR is one of the world’s leading suppliers of resins and additives to the graphics arts, adhesives, aroma chemical, synthetic rubber and specialty coating industries. Harima has purchased the complete business, including 11 manufacturing facilities on five continents, the IAR global product portfolio and all intellectual property. Approximately 670 global associates are now part of Lawter, Inc., the company formed by this acquisition.
“It is exciting to complete this acquisition and now focus on creating value as we bring Lawter into the Harima family,” said Nob Makino, executive vice president of Harima. “This strategic investment reinforces our strong commitment and focus on environmentally suitable technologies and products.”
“I’m extremely excited to reestablish the Lawter name – one of the oldest and most well respected brands in the chemical industry,” said Brad Crocker, executive vice president and COO of Lawter. “Lawter, now one the world’s largest pine chemical companies, will enjoy improved raw material access and innovative technical capabilities enhancing our ability to deliver customer solutions on a global basis.”