May 21, 2007

GE Sells Plastics Business for $11.6B

Chemicals & Plastics Distribution, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

GE has agreed to sell GE Plastics to Saudi Basic Industries Corporation (SABIC), a global petrochemicals manufacturer, for $11.6 billion in cash plus assumption of debt.

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GE Plastics is a $6.645 billion global supplier of plastic resins widely used in automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications, and optical media. It is headquartered in Pittsfield, MA. and employs 10,300 people in 60 locations worldwide.
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SABIC is&nbsp ; one of the world’s 10 largest petrochemicals manufacturers ranked by market capitalization (currently US$80 billion). The company produces polyethylene, polypropylene, glycols, methanol, and fertilizers as well as the fourth largest polymer producer. …

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Airgas Acquires Unit of Continental Nitrogen & Resources

Companies, Finance, Free, Gases & Welding Equipment, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Airgas, Inc., Radnor, PA, has acquired the aqua ammonia operations of Continental Nitrogen & Resources in Rosemount, MN, which had more than $2 million in revenues in 2006.
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The business will be integrated into Airgas Specialty Products, a leading national distributor of ammonia products and services, various process chemicals, and refrigerants. &nbsp ; Other operations of CNR were not included.

This acquisition is in line with our strategy to expand our aqua ammonia business and capabilities and serve our growing customer base across the U.S.,” said Chuck Broadus, president of Airgas Specialty Products, Duluth, GA.

Airgas Specialty Products has 24 locations nationwide for distribution of anhydrous ammonia and aqua ammonia products and services and …

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Audax Group Acquires Seal Supplier UTEX

Finance, Free, Mergers & Acquisitions, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors / MDM Staff

Audax Group, Boston, MA, has acquired UTEX Industries, Inc. Headquartered in Houston, TX, UTEX is a manufacturer of complex gaskets and highly engineered seals to oil and gas, water distribution, and industrial end markets.
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UTEX CEO Michael Balas will continue to lead the management team.
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Audax Group Co-CEO Geoffrey S. Rehnert says the firm, which invests in middle-market companies, wants to capitalize on positive trends in the energy market. Audax plans to grow the business by expanding into new markets and executing strategic add-on acquisitions.

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Stock Building Supply CEO to Retire

Building Materials/Construction, Companies, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Fenton Hord, head of Wolseley plc’s U.S. building materials business, Stock Building Supply, will retire July 31, 2007.
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Hord will be succeeded by Joe Appelmann as CEO, who has been with the company for 18 years.
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Hord was with Wolseley for 20 years. When he was appointed CEO of the building materials arm in the U.S. in 1987, sales were $113 million. Revenues reached $5.3 billion in 2006.

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May 21, 2007

GE Sells Plastics Business for $11.6B

Airgas Acquires Unit of Continental Nitrogen & Resources

Audax Group Acquires Seal Supplier UTEX

Stock Building Supply CEO to Retire

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