P&M Corporate Finance is pleased to announce that it served as exclusive financial advisor to Altuglas International, a subsidiary of publicly traded Arkema S.A. (AKE.PA), in the corporate divestiture of its North American polycarbonate sheet business. The business, marketed under the brand name Tuffak, was acquired by Bayer MaterialScience, a subsidiary of publicly traded Bayer AG (BAY:GR). Terms of the transaction were not disclosed.
The acquisition will include Arkema’s Tuffak® line of polycarbonate sheet products and is expected to strengthen Bayer MaterialScience’s leadership position in the North American polycarbonate sheet market. Bayer MaterialScience is among the world’s largest polymer companies and offers a broad range of Makrolon® branded polycarbonate sheet products for a variety of areas, including architectural, security, transportation, industrial, sign, and recreational.
The divestiture of the Tuffak® polycarbonate sheet business by Altuglas International was part of a consolidation of U.S. acrylic sheet production from its facility in Kensington, CT, to its existing resin manufacturing locations in Louisville, KY. This relocation is expected to support future growth by generating efficiencies and result in improved response time and customer service. Altuglas International is a global leader in PMMA (polymethylmethacrylate) and the maker of Plexiglas® acrylic sheet in the Americas.
PMCF’s Plastics and Packaging team, leveraging its corporate divestiture and plastics industry expertise, facilitated discussions and negotiations with a range of potential parties in a process that ultimately resulted in a successful transaction with Bayer MaterialScience, which closed May 1, 2012.
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