By Liz White, UT staffResearch Triangle Park, North Carolina-Reichhold’s executive management team, led by president and ceo John Gaither, is buying the resin-making operation from Dainippon Ink and Chemicals Inc. (DIC). No financial details of the MBO were released. Reichhold has been a subsidiary of DIC since 1987. The MBO agreement was signed 12 Sept. and should close 30 Sept, DIC and Reichhold said. DIC had planned to restructure Reichhold, but concluded that the current route was in the best interest of both firms. “We appreciate the relationship we have enjoyed with DIC over the years. Our relationship now takes on a different character, but we anticipate that it will continue to be a productive and cordial one,” said Gaither, in a company statement. DIC will retain the group’s Austrian coatings operations, but “both DIC and Reichhold will be free to continue to independently supply the worldwide coatings markets,” said the statement. Research Triangle Park-headquartered Reichhold describes itself as one of the world’s largest manufacturers of resins, gel coats and bonding pastes for the composites industry and a leading supplier of a wide variety of polymers for the coatings and graphic arts markets. Reichhold, which will retain the name, supplies unsaturated polyester resins, coating and performance resins for a range of sectors, including automotive, appliances, coatings, plastics and construction. In polyurethanes, the company makes aliphatic polyester polyols, urethane prepolymers, acrylic polyols, oil-modified urethanes and aliphatic moisture-curing urethanes. It has 1600 employees and 16 manufacturing plants worldwide, including 11 plants in the Americas, four in Europe and one in the Middle East. In 2001, restructuring saw Reichhold sell its general-purpose latex business to Dow Chemical Co., and also put its speciality latex unit into a joint venture with Dow. Late the same year, the group also sold its Swift Adhesives business to Forbo Group of Switzerland. Gaither spent 32 years with Reichhold before leaving in 1998, “I was asked by DIC to rejoin Reichhold in 2004,” he said. Gaither rapidly got together a team of executives to participate in the MBO, and stressed the management team’s belief in the operation.Reichhold will “continue to lead the global composites and coatings industries with new products, technical service and market development initiatives,” the firm’s statement said. “We plan to continue expanding our reach through new technologies and applications,” said Gaither. “
Breaking news and in-depth coverage of essential topics delivered straight to your inbox.
Breaking news and in-depth coverage of essential topics delivered straight to your inbox.View All Newsletters