Rohm and Haas acquires Morton International,Inc.

Citation

(1999), "Rohm and Haas acquires Morton International,Inc.", Circuit World, Vol. 25 No. 3. https://doi.org/10.1108/cw.1999.21725cab.013

Rohm and Haas acquires Morton International,Inc.

Europe

Rohm and Haas acquires Morton International, Inc.

Keywords Acquisition, Morton International, Rohm and Haas

Hard on the heels of the LeaRonal deal, Rohm and Haas Company has just announced the acquisition of Morton International Inc., the Chicago-based specialty chemicals and salt company in a transaction valued at $4.9 billion. This merger will create a global specialty chemical company with annual sales of $6.5 billion.

The combination of these two companies creates a leading international producer of specialty chemicals. Morton will strengthen our current businesses ­ specifically adhesives, plastic additives, biocides, coatings and electronic materials while providing new technologies for growth.

This merger represents a transforming step for Rohm and Haas. Our companies share similar cultures and have known and respected each other for many years. For our shareholders, this transaction will create a profitable growth company. For our customers, it represents the ability to expand both our geographic reach and technological platforms. For our communities, it represents the joining of two companies with strong reputations for corporate citizenship. For employees it represents opportunities that come with a growing, profitable company.

Jay Stewart, chairman and chief executive officer of Morton International Inc., will be named a vice-chairman of Rohm and Haas reporting to Larry Wilson. Raj Gupta, currently vice chairman will, as previously announced, succeed Larry Wilson as chairman and chief executive officer of Rohm and Haas Company when he retires later this year. Mike Fitzpatrick, president and chief operating officer will retain his responsibilities, reporting to Raj. Bill Johnston, currently president and chief operating officer of Morton, will become a senior vice president of Rohm and Haas and a member of the company's Executive Council. He will serve as the company's principal operating officer in Chicago.