Emerald Group Publishing Limited
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Air Products to sell interest in polymers joint ventures to Wacker
Article Type: Industry news From: Pigment & Resin Technology. Volume 37, Issue 3.
Air Products announced that it has signed an agreement to sell its interest in its vinyl acetate ethylene (VAE) polymers joint ventures to Wacker Chemie AG. As part of the agreement, Air Products will receive full ownership in the Elkton, Md., and Piedmont, S.C., production facilities and their related businesses plus cash considerations of $265 million. The sale consists of the global VAE polymers operations including production facilities located in Calvert City, Ky.; South Brunswick, N.J.; Cologne, Germany; and Ulsan, Korea; and commercial and research capabilities in Lehigh Valley, Pa., and Burghausen, Germany. The business produces VAE for use in adhesives, paints and coatings, paper and carpet applications. There are approximately 430 employees directly associated with this business. These employees will be offered employment with Wacker, which intends to continue operating the business out of the Lehigh Valley.