Borden Chemical Acquires Southeastern Adhesives Company
Borden Chemical, Inc. has acquired the business and technology assets of Southeastern adhesives Company, a Lenoir, N.C.-based producer of specialty adhesives.
Terms of the transaction were not disclosed. The sale includes all technology, product lines and other business assets, but does not include Southeastern Adhesives' plant assets in Lenoir. Borden Chemical will produce and market the acquired product lines, which are used primarily in furniture and millwork applications, through its existing manufacturing and sales network. 2002 sales for the acquired products totaled $7 million.
"The purchase of Southeastern Adhesives' lines of UF resins, water-borne adhesives, catalysts and Seacobond® hot melt adhesives will complement Borden Chemical's existing products for the furniture and millwork industries," said Craig O. Morrison, president and CEO for Borden Chemical. "We are gaining some interesting new technologies that expand the range of bonding solutions we can provide to our customers." Borden Chemical will be introducing the acquired technologies to new global markets through its operations in other areas of the world, Morrison added.
The transaction is the second between the two companies this year. In July, Borden Chemical acquired Southeastern Adhesives' filtration media resins business.
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