Ashland Specialty Chemical Company purchases Polydyne’s gel-coat business, strengthens position in upper Midwest, eastern Canada
Ashland Specialty Chemical Company, a division of Ashland Inc. (NYSE:ASH), has purchased Polydyne Inc.’s gel-coat business and assets, effective today. Terms of the agreement were not disclosed.
The newly acquired business will operate within the Composite Polymers Division (CPD) of Ashland Specialty Chemical Company, whose headquarters are located in Dublin, Ohio. The division plans to lease -- and continue operations at -- the former Polydyne gel-coat manufacturing plant, located in Johnson Creek, Wis., about 35 miles east of Madison, Wis.
Gel coats are pigmented polyester resin coatings used in the transportation, marine, and building and construction industries.
“This acquisition strengthens Ashland’s gel-coat operations in North America -- particularly near our extensive customer base in the upper Midwest and eastern Canada,” said James A. Duquin, president of Ashland Specialty Chemical Company. “Specifically it provides us new, open-molding technologies, reinforcing Ashland’s long-term commitment to the gel-coat and composite industries.”
Ashland’s acquisition of Polydyne Inc.’s gel-coat business comes on the heels of Ashland’s Apr. 30 purchase from Dynea Oy of Neste Polyester’s business and assets, including gel coats for the marine, building and construction, and transportation industries worldwide.
Larry A. Baker, CPD’s vice president and general manager, said, “Both these acquisitions broaden CPD’s product line and geographic coverage, allowing us to provide our customers more responsive delivery and more product choices.”
Thomas L. Meyer, owner of Polydyne Inc., said, “Customers can expect a continuation of quality service from Ashland, the new owners. I’m pleased that a company of Ashland’s stature, technical expertise and responsible professionalism has stepped in to carry on the gel-coat business that I have owned since 1991.”
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