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Huntsman Buys Demilec

Huntsman Corp. (HUN) announced the acquisition of Demilec, one of North America's manufacturers and distributors of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of Sun Capital Partners, Inc.

Demilec has annual revenues of approximately $170 million and two manufacturing facilities located in Arlington, Texas and Boisbriand, Quebec where they produce a full suite of MDI based SPF formulations which they market directly to applicators as well as through distributors. Demilec specializes in both closed cell and open cell formulations, with a focus on products with renewable and recyclable content that are eco-friendly, bio-preferred and reduce energy consumption through highly efficient insulation properties.

As per terms of the agreement, Huntsman will pay $350 million in an all-cash transaction, funded from available liquidity. The transaction is expected to close by the end of second quarter 2018.

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