Air Products has today revealed that it has completed the previously announced sale of interests in its vinyl acetate ethylene polymers joint ventures to its partner, Wacker Chemie AG, for $265m and full ownership in the Elkton and Piedmont production facilities and related businesses.
The sale consists of the global VAE polymers operations including production facilities located in Calvert City, South Brunswick, Cologne, Ulsan, and commercial and research capabilities in Lehigh Valley, and Burghausen, Germany.
“We are pleased to complete this sale to Wacker, our long time joint venture partner. This move is consistent with our efforts to make Air Products a more focused, less cyclical, higher growth and higher return company,” said John McGlade, President and CEO of Air Products.
McGlade added, “I want to thank our Polymers employees for their hard work and dedication since we announced our intention to sell these businesses. We wish them well in their continued employment with Wacker Chemie.”
The business produces VAE for use in adhesives, paints and coatings, paper and carpet applications. There are approximately 430 employees directly associated with this business. These employees have been offered employment with Wacker, which intends to continue operating the business out of the Lehigh Valley.
Air Products is currently seeking a buyer for the Elkton and Piedmont plants and related North American atmospheric emulsions and global pressure sensitive adhesives businesses.