3M to divest Pressurized Polyurethane Foam Adhesives Business

United States: Innovative Chemical Products Group, a specialty coatings and adhesives company signed an agreement with 3M company to acquire the later company’s pressurized polyurethane foam adhesives business. 3M is a United States based company and pressurized polyurethane foam adhesives business has been a part of the company’s industrial adhesives and tapes division. The business division has been delivering polyurethane foam adhesive formulations and systems for commercial and residential roofing purposes, insulation and industrial foam sectors. The value of the deal would be disclosed by the end of the first quarter of 2016, post regulatory approval. On completion of the deal, ICP Group is expected to operate the pressurized polyurethane foam adhesives business at its current locations in Tomball, Texas, and Coral Springs, Florida. The acquired business unit would be operated as a strategic business unit group within the specialty chemicals business division of ICP Group.

TecSci Research depicts that the acquisition would augment the ICP Group in expanding its business and customer base. Hence, the brand and market penetration is expected to increase with strong hold in polyurethane technology.

According to the recent report published by TechSci Research, “India Adhesives Market Forecast and Opportunities, 2020”, the adhesives market in India is expected to reach 379 thousand metric tons by 2020, with polyurethane adhesives maintaining its dominance in the market. Increasing applications of polyurethane adhesives in packaging, construction, furniture, automotive, assembly operations is expected to further boost the demand of polyurethane in the country.