Jul 16 2008
As part of its strategy to invest for sustainable growth in the building and construction market, the Dow Chemical Company announced today that it has signed an agreement for Illinois Tool Works (ITW) to purchase certain assets of Dow Building Solution’s TRYMER™ polyisocyanurate (PIR) rigid foam business. Financial terms of the agreement were not disclosed.
ITW will own and operate the TRYMER™ manufacturing assets located within Dow’s LaPorte, Texas, site. In addition, ITW will acquire the TRYMER customer list, inventory, trademark rights and a license to other applicable intellectual property rights. The agreement also includes a provision for Dow to exclusively supply ITW with extruded polystyrene (XPS) pipe insulation billets for the mechanical insulation market, but Dow retains sole rights of ownership to its STYROFOAM™ brand name. TRYMER PIR foam is used in several applications, including pipe and mechanical insulation, panel insulation, and floral and craft.
“We are proud that our TRYMER polyisocyanurate foam has become a trusted brand in several markets, and ITW is ideally positioned to help the TRYMER business continue its growth and reach its full potential,” said Torsten Kraef, president and general manager, Dow Building Solutions. “We will continue to focus on strategic growth opportunities in core building and construction markets that align with our current market positioning and where we can maintain long-term leadership.”
This agreement is one of several recent strategic moves DBS has undertaken to reconfigure assets and invest for future growth in the global building and construction industry. On June 11, Dow announced the acquisition of Stevens® Roofing Systems and Geomembranes. In September 2007, Dow Building Solutions divested its ETHAFOAM™ business, and in December 2007 the business announced the development of a proprietary, non-ozone-depleting foaming agent for its STYROFOAM™ R5 extruded polystyrene insulation, well in advance of the Montreal Protocol deadline.