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.