St Paul, Minnesota -- 3M is selling its pressurised polyurethane foam adhesives business to Andover, Massachusetts-headquartered Innovative Chemical Products (ICP) for an undisclosed sum.
The former Polyfoam business has annual sales of $20m (EUR18.3m). It was formerly part of 3M’s industrial adhesives and tapes division, and is being sold following a strategic portfolio review.
The sale includes 3M’s pressurised polyurethane foam adhesive formulations and systems for both residential and commercial roofing, as well as its insulation and industrial foam activities. Portfolio highlights include a two-component roof tile adhesive used by professional roofers to attach clay and concrete roof tiles. It also supplies a polyurethane foam adhesive for adhering fleece-back roofing membrane and insulation board in low-slope roofing applications.
ICP will form a new business unit via the acquisition, focused on industrial and construction applications, with about 20 3M employees transferring with the business. It plans to maintain the unit’s operations in Tomball, Texas and Coral Springs, Florida, as a stand-alone business unit within its specialty chemicals platform.
‘This acquisition further extends the market, technology and customer base of our business, and gives us a foothold into polyurethane technologies,’ said Doug Mattscheck, president and chief executive of ICP Group.
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