(Reuters) - Chemicals maker Synthomer Plc (L:SYNTS) said it would buy U.S.-based HEXION Performance Adhesives & Coatings for $226 million (157 million pounds), to grow its presence in the United States and Asia.
Synthomer, which supplies speciality emulsion polymers used in construction, textiles, paper and latex gloves, said it would fund the deal using both existing cash resources and additional credit facilities.
The acquisition, which is expected to complete this summer, will also add to Synthomer's presence in the performance adhesives and coatings market, it said in a statement.
Synthomer said it expected to achieve about $12 million of annualised synergies by end 2018, with $21 million of estimated costs.