Trinseo to acquire Applicazioni Plastiche Industriali
The global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, Trinseo, and API Applicazioni Plastiche Industriali have signed a definitive agreement for Trinseo to acquire API. The transaction is expected to close in the third quarter of 2017, following customary closing conditions. Trinseo is funding the purchase of API’s shares through its existing cash on hand.
“Trinseo’s first acquisition is directly aligned with the company strategy to grow the performance materials businesses and will benefit customers across a breadth of market applications and geographies,” said Chris Pappas, president and CEO of Trinseo. “API is a sophisticated polymer solutions provider with a strong position in soft-touch polymers - which complement Trinseo’s strengths in rigid polymers. By leveraging API’s advanced manufacturing operations, excellent management, deep technical expertise, and strong customer relationships, we will further strengthen our performance plastics businesses to create growth synergies with customers in all global regions”.
The transaction includes API’s manufacturing and research facility at Mussolente, Italy, and all of API’s business, employees and assets. The API management team and employees will join Trinseo’s performance plastics business. The Brunetti family will support and facilitate a smooth transition of API to Trinseo.
“After 60 years of successful history, API today celebrates an important milestone”, said Lorenzo Brunetti, vice president, son of Sergio Brunetti, the founder of API. "We see this transaction with Trinseo as the natural evolution of our long-standing experience, reputation, and flexibility in TPEs, now combining with the energy, stability and global presence of Trinseo. The excellent combination of the product portfolios will boost our customers’ achievements and success through highly specialized solution offerings. The Brunetti family sees this operation as a fantastic example of how the cooperation between a forward-thinking player like Trinseo and an Italian enterprise can lead to absolute excellence and leadership on the global market. We see a bright and successful future for the people we care the most: our dedicated and talented employees”.
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