Rohm and Haas Company has signed an agreement to acquire the FINNDISP division of OY Forcit AB, a Finnish paint emulsions operation, for approximately 60 million euro. Based in Hanko, Finland, this division of Forcit makes water-based emulsions used in the manufacture of paints and coatings, lacquers and adhesives in Northern Europe and the Commonwealth of Independent States (former Soviet Union). Rohm and Haas expects to complete the transaction by the end of the first quarter of 2008.
- This acquisition clearly demonstrates our commitment to the region and our desire to expand quickly in this marketplace - says Luis Fernandez, Vice President and Group Business Director for the company`s 1.4 billion euro Paint and Coatings Materials business. - FINNDISP strengthens our commitment to this important geographic region. Their technology expands our ability to bring a portfolio of low-temperature, high performance products to market very quickly. We will use this technology to grow our portfolio of products for rapidly developing regions around the world - he adds.
Fernandez explained that the acquisition also brings two manufacturing sites - an existing facility in Hanko, and a plant currently under construction near Moscow, Russia, and expected to be completed in March 2008. These will become a part of a network of more than 30 plants worldwide that provide consistently high quality products tailored to meet local and regional needs.
- This is an excellent opportunity for us. Rohm and Haas is in a great position to support and develop the dispersion business both in Hanko and in Russia. Thanks to our location, we are ideally positioned in terms of Rohm and Haas`s Russian business, which will mean more investments in dispersions. The sale will also give us new resources for developing our explosives business - explained Ulf Sjöblom, Managing Director of Forcit.
Fernandez has high praise for Forcit and its business culture. - This company is very successful, with very good leadership. They have performed very well in their home market. Forcit also has had the foresight to focus on customers in rapidly developing economies, and to continually bring them products that are just right for their marketplace. In addition, Forcit has a culture very similar to that of our own - one focused on continually delivering quality products in a manner that is safe for the workforce and least intrusive on the environment - he says.