Air Products (NYSE:APD) today signed an agreement to sell its polyurethane pre-polymers business, marketed under the Airthane and Versathane tradenames, to COIM USA Inc., a fully owned subsidiary of global polyurethane chemicals producerCOIM SpA. Also included in the deal is Air Products' manufacturing facility in Paulsboro, N.J. Terms of the deal are not being disclosed.
"We are pleased to reach an agreement for our polyurethane pre-polymers business with a higher value owner like COIM," said Bob Thomas, global business director, Performance Materials Division for Air Products. "Going forward, Air Products will continue to focus on its polyurethane specialties business. We have high expectations for continued global growth in our Dabco and Polycat PU catalysts and surfactants, Versalink curatives, and our new Innovathane and Ancarez ISO products for the Polyurea coatings and construction markets."
"This acquisition allows COIM to complete its Imuthane product portfolio with well established low free monomer technology," said Lucio Siano, vice president and general manager, COIM USA. "The Airthane and Versathane business will also benefit from the up-stream integration provided by the state-of-the-art polyester manufacturing facility located in West Deptford, N.J."
Polyurethane pre-polymers are used in many cast elastomer markets, such as industrial tires and wheels, printing rollers, cutting and metal forming blankets, and custom parts for dynamic performance and durability. Air Products acquired the Paulsboro facility in 1962. The acquisition marked Air Products' entrance into the chemical industry.