The Woodlands, Texas – Huntsman is to buy spray polyurethane foam insulation specialist Demilec from part of Sun Capital Partners.
Huntsman is paying $350 m in an all-cash deal. This is expected to close by the end of the second quarter of 2018.
In the lastest financial year, Demilec had annual revenues of about $170 m.
Its two manufacturing facilities, located in Arlington, Texas and Boisbriand, Quebec, produce a full suite of MDI-based SPF formulations. These are sold via distributors, and marketed directly to applicators.
It makes both closed-cell and open-cell SPF formulations. The company focuses on eco-friendly products with renewable and recyclable content, said Huntsman.