THE Ingevity Corporation has completed a €590m acquisition of the Capa caprolacton division of Perstorp Holding AB, including its Warrington based chemical bonding monomer facility in Warrington.
Perstorp UK operates under the Capa trademark and provides more than 75 products to sectors including adhesives, automotive, resins, paints and footwear. The wider Perstorp Group acquired the caprolactones business in February 2008.
It employs a Warrington workforce of about 90 and is expecting revenues to hit about €150m and EBITDA of approximately €50m for the 2018 fiscal year.
Following the close, Ingevity President and CEO Michael Wilson and members of his leadership team visited the facility. In meetings with employees and community leaders he expressed his commitment to the plant, its employees and to the community.
“We are very pleased to be adding such a unique business to our company,” said Mr. Wilson. “By combining our businesses, we are creating an even stronger, market-leading business focused on high-growth end-use applications. We intend to invest aggressively here in Warrington to bring to bring a broader, richer set of solutions and products across industries to our customers. Moreover, we’re excited to welcome our new employees in Warrington and across the globe.”
Representatives from the Warrington Borough Council and Department of International Trade met with Mr. Wilson following the deal.
Cllr Russ Bowden, Leader of the Borough Council, said, “We’re delighted that Ingevity has made this considerable investment in Warrington, with plans for ongoing investment in this internationally significant caprolactone plant. In addition, Ingevity prides itself on community support and volunteerism, and we’re looking forward to developing a strong relationship with the company.”
Capa is the global market leader in the production and commercialization of caprolactone and high-value downstream derivatives. The division’s products are key components in adhesives, bioplastics, coatings, elastomers and resins. Ingevity provides specialty chemicals and high-performance carbon materials and technologies that purify, protect and enhance the world around us. Ingevity will include the caprolactone business in the company’s Performance Chemicals segment and report revenues as “Engineered Polymers.”
Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,700 people. For more information visit www.ingevity.com.
Picture Caption – Left to Right: Mike Smith – Executive Vice President Performance Chemicals, Ingevity, Cllr Russ Bowden – Leader of Warrington Borough Council, Michael Wilson, President and CEO, Ingevity Martin Phelan, Director, Northern Powerhouse Investment Hub, Department for International Trade, Stephen Lewis – Vice President, Caprolactones and Cindy Burns – Chief Human Resources Officer, Ingevity.