ST LOUIS, US: Accella Polyurethane Systems LLC, a unit of Arsenal Capital Partner has agreed to buy certain assets of the North American spray polyurethane foam (SPF) business from Covestro LLC. The sale is scheduled to be completed in the second quarter of 2017.
The Covestro Spring, TX facility includes both commercial and production operations, serving North America as a leading producer of spray polyurethane foam, which is used as insulation and roofing in the construction of commercial buildings and residential homes. The roughly 40 Covestro employees at the Spring facility will make a great fit with the Accella team. Operations will continue at the current facility with "business as usual" for a smooth transition for all customers.
"This acquisition will significantly improve Accella's position in the spray polyurethane foam market and is another strategic step with our positive track record combining the best polyurethane based companies in the industry. The addition of a well-rounded product technology portfolio and a team of highly regarded industry experts will highly complement our current spray polyurethane foam business," said Andy Harris, president and CEO of Accella.
"SPF is a very important area of business for our company with the value it brings to society. We will continue to raise the position of SPF as the preferred insulation choice in modern residential and commercial construction," added Chris Brink, Accella's VP of polyurethane systems.
"The accomplishments of Covestro's spray polyurethane foam team cannot be overstated. Both technically and commercially, their contributions have helped grow spray polyurethane foam as a technology in the construction market. This divestiture will allow us to focus on our core business while ensuring our spray polyurethane foam employees can continue to shape the industry as a part of Accella," concluded Jerry MacCleary, president of Covestro LLC.
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