US: Huntsman has announced an agreement to acquire Icynene-Lapolla, a North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, for US$350m from an affiliate of FFL Partners. Icynene-Lapolla operates two manufacturing facilities located in Houston, Texas and Mississauga, Ontario. The transaction is expected to close in the first half of 2020.
“I am delighted that Icynene-Lapolla is joining our downstream, high-growth MDI urethanes insulation business. Icynene-Lapolla is well recognised by architects, builders and contractors as a market leader in the manufacture and supply of high-performance, energy-efficient building envelope solutions,” said Tony Hankins, the president of Huntsman's Polyurethanes division. He added that the combination of Icynene-Lapolla, with its SPF product range and reflective roof coatings, with Demilec, the SPF business that Huntsman acquired in 2018, would ‘significantly’ strengthen its energy-saving insulation business.
