March 10, 2009 Lehigh Valley, Pa.
Air Products (NYSE:APD) today announced it has reached an agreement to acquire S.I.Q. – Beteiligungs GmbH, a manufacturer of epoxy additives based in Marl, Germany. The transaction, terms of which are not being disclosed, is subject to regulatory approval and customary closing conditions.
“The acquisition of S.I.Q. gives us complementary product lines for the construction and coatings markets,” said Mike Hilton, senior vice president and general manager, Electronics and Performance Materials, for Air Products. “S.I.Q.’s line of amine and polyamide hardeners and thermoplastic resins will mesh nicely with Air Products’ epoxy curatives and broaden our offering to thesemarkets.”
S.I.Q. was founded in 2000 by a group and since 2001 has been led by Karlheinz Schoennagel,who has extensive knowledge of the epoxy industry. It quickly built a strong presence in the epoxy additives business in Germany and other regions of Europe.
“We are delighted Air Products sees our epoxy business as a valuable growth platform for their global epoxy additives business,” said Schoennagel. “We look forward to ensuring a smooth transition to Air Products.”
“Air Products is excited about adding the S.I.Q. business and the strong team that has built that business to our own global capabilities,” said Hilton. “Together, we will continue to focus on serving the growing needs of our markets and customers.”
Air Products’ Performance Materials business, with sales of $850 million in fiscal 2008, provides performance chemical offerings and solutions for the coatings, inks, adhesives, civil engineering, personal care, institutional and industrial cleaning, mining, oil field, polyurethane, and other industries.
Air Products operates in 15 countries throughout Europe, including the Central European countries of the Czech and Slovak Republics, and Poland, as well as Russia. Total European sales in Air Products’ 2008 fiscal year were approximately $3.4 billion.
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. Air Products has annual revenues of over $10 billion, operations in more than 40 countries, and 21,000 employees around the globe. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.