Heerlen, the Netherlands - Royal DSM NV said 16 Jan that it has extended its coatings resins business further through the acquisition of US-based polyurethane resins producer Soluol.
Soluol makes water-based and solvent-based high-performance urethane resins for a wide range of end uses, and has annual sales of $20 million. Both parties agreed not to disclose financial details, said DSM.
The acquisition of Soluol, which recently finished building a new plant in East Providence, Rhode Island, enhances DSM's presence in speciality resins in North America and "adds new technology as well as a state-of-the-art production facility," said DSM's statement. Soluol will become part of the DSM NeoResins+ business unit, which in turn belongs to the DSM Resins group.
"DSM Resins is a strategically very important business in DSM's accelerated transformation into a leading Life Sciences and Materials Sciences company," explained Nico Gerardu, a DSM board member responsible for performance materials.
This acquisition, along with other previously announced investments, "underline DSM's belief in the strong growth potential of the resins business and reinforces our geographic presence in the largest coating market in the world," he added.
Soluol, set up in 1931, has key markets in paints and coatings, where its products are used on concrete, metal, wood and plastics. Other products include a range of polyurethanes with unique bonding properties for the adhesives sector and other speciality products used in the conversion of foils, and also in paper, plastics, and blister packaging.
From its single plant in Rhode Island, Soluol also offers fully formulated, ready-to-use polyurethane-based coatings designed to impart a wide variety of functional and tactile properties to fabrics.
"Soluol's strong market position, outstanding product portfolio and sharp customer focus are all great fits for DSM NeoResins+," Gerardu commented.