Hamburg, Germany - Equity group H.I.G. Europe has acquired the business of Haltermann Products, based in Germany, from Dow Chemical Co.
Haltermann produces hydrocarbon chemicals -- including cyclopentanes used as blowing agents for polyurethanes -- as well as test and reference fuels,
Haltermann, which operates from two production sites in Hamburg and Speyer, generates over Euro 150 million ($213 million) in sales, and produces refinery products for use in graphic arts, plastics processing, automotive, pharma, fine chemicals, electronics, cosmetics and coatings.
The company, set up more than 100 years ago, is well-known for its test & reference fuels for the automotive industry and in hydrocarbons used in pharmaceuticals and electronics.
HIG Europe says Haltermann is a key supplier of high purity normal/iso-pentanes as well as cyclopentanes that are used as blowing agents in the production of polyurethane foams serving an ever increasing need for insulation and energy conservation.
According to the investment group, Haltermann has "a strong blue-chip customer base and very strong ties with its suppliers based on decades of successful cooperation."
H.I.G. Europe said it will continue to build on Haltermann's strong branding in the chemical industry and will focus on growth outside its core German market as well as the extension of the company's product portfolio.
Haltermann will be led by Dr Uwe Nickel, formerly board member of Clariant AG.