Global specialty chemicals maker, Nouryon has acquired China’s Zhejiang Friend Chemical Co.
Zhejiang Friend is the largest Chinese producer of triethyl aluminum, or TEAL – a metal alkyl used in the production of high-volume polymers, such as polypropylene and polyethylene.
The company said it plans to use the acquisition to increase its global TEAL production and strengthen its position as a leading global producer of TEAL. The deal also makes the company the only truly global producer of metal alkyls.
“Friend has a great reputation in the industry and with this acquisition we’ll now have manufacturing facilities in Asia, Europe and North America, enabling us to better serve our customers in this fast-growing market,” said Johan Landfors, Managing Director Polymer Chemistry at Nouryon.
The acquisition includes products, technology, customer lists and a manufacturing site in Jiaxing, located 100 kilometers southwest of Shanghai. The company said it will evaluate opportunities to expand operations at Jiaxing, Landfors said. Friend’s approximately 60 employees will join Nouryon, including the company’s founder, Mr. HaiQing Zhang, who will serve as a senior consultant.
“When I decided to sell Friend, it was important to me that we were acquired by a strong organization that had a promising future, and one that I could trust to treat my employees well,” Zhang said. “I am glad that we reached an agreement with Nouryon and I believe Friend is in good hands.”
This deal is Nouryon’s second recent deal to strengthen its position serving the polymer industry. Late last year, the company completed the acquisition of Brazil-based Polinox, South America’s leading producer of ketone peroxides, used in the production of various plastic and composite products. “We will continue to support our growth plans with strategic, bolt-on acquisitions,” said Nouryon’s CEO Charlie Shaver.