Rhodia to buy McIntyre Group
International chemical company Rhodia has signed an agreement to acquire the privately held McIntyre Group Ltd, a global producer of surfactants, polymers, chemical specialities and cosmetic preservatives for the personal care and household industries as well as for industrial and institutional cleaning products and oil field aids. Rhodia says the acquisition will reinforce the Rhodia Novecare product range for personal cleansing and extend its hair care offer as well as that for home, institutional and industrial cleaning markets and driving opportunities for oilfield production and agrochemicals. The move is also expected to expand business potential in the faster growing markets of Asia Pacific and Latin America.
International chemical company Rhodia has signed an agreement to acquire the privately held McIntyre Group Ltd, a global producer of surfactants, polymers, chemical specialities and cosmetic preservatives for the personal care and household industries as well as for industrial and institutional cleaning products and oil field aids. Rhodia says the acquisition will reinforce the Rhodia Novecare product range for personal cleansing and extend its hair care offer as well as that for home, institutional and industrial cleaning markets and driving opportunities for oilfield production and agrochemicals. The move is also expected to expand business potential in the faster growing markets of Asia Pacific and Latin America.
The McIntyre Group is based in Chicago in the US, has manufacturing facilities in the US and the UK and employs around 200 people. Its sales and commercial network covers the US, UK, Singapore and Brazil. The company has achieved double-digit growth over the last three years and for 2008 estimates US$146m sales and around 10% recurring EBITDA margin.
Rhodia believes it will see significant synergies within the first year of combined operations based on cross-selling opportunities, supply chain and procurement optimisation. It expects to double the EBITDA of the acquired business by 2011.
“This ‘bolt-on’ acquisition is an additional illustration of our well established strategy to deliver profitable growth in activities where we have leading positions,” commented Rhodia ceo, Jean-Pierre Clamadieu. “It will reinforce our presence in innovative markets which are largely resistant to economic downturns. Our solid financial structure enables us to seize this opportunity today while investing to prepare our future. It is a clear fit with Rhodia’s strategy and expertise, and it will contribute to our overall performance in the coming years.”
Rhodia employs around 15,000 people worldwide and in 2007 had sales of €4.8bn. Rhodia Novecare is one of the company’s six group enterprises and has net sales of €930m.