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Hanwha Acquires AZDEL, Inc. from SABIC Innovative Plastics, PPG Industries.
FOREST, Virginia
November 19, 2007
Hanwha Living & Creative (L&C) Corporation announced today that it
has finalized the acquisition of AZDEL Inc., a 50/50 joint venture of
SABIC
Innovative Plastics (formerly GE Plastics) and
PPG Industries. The
acquisition of AZDEL will allow Hanwha to expand its offering of
composite and advanced material solutions for the transportation and
industrial segments. Terms were not disclosed.
AZDEL Inc.
manufactures high performance thermoplastic composites designed for both
interior and exterior applications across many different industries.
Major segments served include automotive, heavy truck, recreational
vehicles, industrial, and other transportation applications.
Were thrilled to add
this leading brand to our world-class portfolio of products, said Woong
Jin Choi, chief executive officer, Hanwha L&C Corporation. The
acquisition of AZDEL is another step along our path for global expansion
and will position us as a premier supplier of composite and high
performance material solutions to the transportation and industrial
segments.
Mr. Hee-Cheul Kim, who
currently serves as the vice
president, Auto & Industrial
Material Division, has been named the chief executive officer for AZDEL
Inc. Melanie Cook, currently AZDEL, Inc. president, will remain in her
role. AZDEL will continue to operate with its headquarters in Lynchburg,
Virginia, USA and sell its products under the AZDEL brand.
Going forward, AZDEL
has entered into a long-term strategic supply arrangement with SABIC
Innovative Plastics and PPG Industries, whereas SABIC Innovative
Plastics will supply thermoplastic resins to AZDEL and will continue to
work with AZDEL through a joint development agreement to bring new
innovative products to the industry. In the same way, PPG will continue
to supply fiberglass reinforcement materials to AZDEL under a long-term
supply agreement.
Hanwha and AZDEL are
complementary, bringing a variety of different products and technology
to the combined business. We are very excited to be part of Hanwha,
which already offers a broad range of technologies and services to the
transportation and industrial segments. Hanwha is a good strategic fit
for AZDEL and our expertise is an excellent foundation for further
growth in the composites sector, said Cook. "Our customers will
benefit greatly from the global presence and the R&D resources that
Hanwha brings to the table.
Hanwha L&C Corporation was represented by Takenaka Partners LLC as the advisor.
For information or questions regarding the
change in ownership of AZDEL, Inc., please send your email to
sales@azdel.com
Send mail to
webmaster@azdel.com with
questions or comments about this web site.
Copyright © 2007 AZDEL, Inc.
Last modified:
01/25/08