Deeside based Revolymer agree to buy US based business.
Shares in Deeside based polymer company Revolymer jumped today after the company said it has agreed to buy US-based Itaconix Corporation for a fee that could rise to almost £9m.
Revolymer has also agreed terms with a European nicotine gum focussed marketer in relation to a potential transfer of the companies nicotine gum business in exchange for equity in the enlarged marketer company.
The Directors anticipate that completion of the nicotine gum Business Transfer will take place in Q3 2016, subject to completion of definitive contracts.
Itaconix has worldwide expertise in itaconic acid polymers. Its patent portfolio comprises nine patent families covering manufacturing processes, product compositions and applications.
The directors believe Itaconix’s product offering is complementary to Revolymer’s product lines and that the acquisition will generate faster growth, based on broader customer engagement and expanded product solutions.
CEO Kevin Matthews said:
“The two transactions summarised in this announcement represent a key step in realising Revolymer’s strategy of building an innovative and differentiated specialty chemical company delivering high performance ingredients to its target markets through the development of novel polymers, responsive encapsulation and targeted delivery systems.
“Itaconix represents an extremely complementary business in terms of markets and products and also provides a presence in the important North American market.
“In parallel the asset transfer of Revolymer’s nicotine gum business to a larger business focused solely on nicotine gum with a management team that has substantial sector experience should create further strategic focus for both segments of Revolymer’s business.
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