Greenwich, CT /PRNewswire/ - Reichhold and Polynt are pleased to announce the closing of the combination announced last year, after having received all regulatory approvals. The new Polynt-Reichhold (or "the Group") is a global company in the Intermediates, Coating and Composite Resins, Thermoset Compounds, Gel-coats and niche Specialties with more than €2 billion in revenues. Black Diamond Capital Management, L.L.C. ("Black Diamond") and Investindustrial are equal investors in the new Group.
This combination enhances the Group's leading position as a global, vertically-integrated specialty chemicals player, with significant presence in North America, Europe, and Asia, based on Reichhold's global scale, extensive product portfolio and R&D competencies, now further reinforced by Polynt with the successful integration of PCCR and CCP in the last five years. The Group's excellence in serving customers around the world will be further strengthened by the merger of best-in-class innovation and a customer oriented approach.
Black Diamond's Managing Principal, Stephen H. Deckoff, commented on the transaction: "We are pleased with the final outcome of this combination as it brings together two leading specialty chemical businesses with global footprints. The combination provides the opportunity to capitalize on increased scale, complementary manufacturing and product development capabilities and significant synergies to compete successfully in the marketplace going forward."
"We intend to quickly align the cultures within the combination to support our global leadership position, better serve our customers and create value for our shareholders," added Rosario Valido, President and CEO of the new Group. "With 44 plants across the world the Company will be the closest to the local needs of its customers and the just-in-time suppliers of specialty chemicals in the geographies in which they have operations. Our aim is to grow our business together with our customers and to drive the quality of our products toward the highest expectations of the industry."
Founded in 1955, Polynt Group (www.polynt.com) is one of the world's largest manufacturers and suppliers of specialties, intermediates and composites for the industrial, transportation, building and construction, marine, medical, consumer and food additive markets. Polynt has manufacturing operations throughout North and South America, Europe and Asia.
Founded in 1927, Reichhold (www.reichhold.com) is one of the world's largest manufacturers of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold has manufacturing operations throughout North and South America, the Middle East, Europe and Asia.
About Black Diamond
Black Diamond is a leading alternative asset management firm with approximately $7 billion of assets under management. Black Diamond is currently pursuing distressed/private equity investments for its fourth private equity fund. Black Diamond's distressed/private equity funds focus on middle market companies with market leadership positions within their sectors. Founded in 1995, Black Diamond employs investment professionals across offices in Greenwich, CT, Lake Forest, IL, London, England and St. Thomas, USVI.
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