Under terms of the agreement, Huntsman will pay $300 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.  Based on full-year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 10 times, or between approximately 7 to 8 times pro forma for synergies, the lower multiple end being dependent upon normal growth market conditions.  The transaction is expected to close around midyear of 2020.

Founded in 1982, the company manufacture speciality products for high-performance thermoset systems including epoxy resins, reactive liquid polymers, epoxy-functional reactive modifiers, elastomer modified epoxy resins and curing agents, catalysts and accelerators.

In these uncertain times, our financial strength will allow us to keep looking for these types of acquisitions, while at the same time maintain a conservative balance sheet and opportunistically repurchase shares

Peter Huntsman, Chairman, President and CEO

With manufacturing facilities in Akron, Ohio, and Maple Shade, New Jersey CVC Thermoset Specialties has annual revenues of approximately $115 million. Under terms of the agreement, Huntsman will pay $300 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Based on full-year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 10 times, or between approximately 7 to 8 times pro forma for synergies, the lower multiple ends being dependent upon normal growth market conditions.  The transaction is expected to close around midyear of 2020.

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The BioMobile.ch project was founded in 2004 to look at ideas for promoting sustainable mobility, focusing on ‘individual mobility’ at a project level in an attempt to lower fossil energy consumption. Since its creation, the vehicle has gone through three development stages and the latest adaptation sees the replacement of the remaining non-renewable structural components with renewable materials.

The body, chassis and most of the structural parts of the BioMobile are now made entirely from various vegetable fibre reinforcements impregnated with a specially developed epoxy system from Huntsman Advanced Materials which contains over 50% bio-based resin.

The bio-based resin system helped to optimise the mechanical properties of the prototype, it also played an important role in demonstrating that individual mobility with a lower energy signature is possible within both manufacturing and vehicle usage.

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The BioMobile’s fuel consumption rate is approximately 0.12 litres per 100 km and it now runs on X41, a biofuel made from organic waste.

Originally developed as an energy-efficient vehicle for international competitions such as the Shell Eco-marathon, which challenges teams to go the furthest they can using the least amount of energy, the BioMobile has been updated over the years to integrate new bio-based fuels and renewable materials.

Developed within the Haute Ecole du Paysage, d’Ingénièrie et d’Architecture de Genève, which is part of the University of Applied Sciences Western Switzerland, the prototype’s development has involved the participation of a number of young people from schools in Switzerland and France as well as several European industrial partners.

Recent research undertaken by Huntsman indicates that it is now commercially possible to produce resin systems for industrial applications with a bio-based content that is higher than 80% – when combining up to 100% bio-based resins and up to 80% bio-based hardeners.

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