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Kraton Performance Polymers to Combine With LCY Chemical Division
Kraton Performance Polymers Inc. (KRA) agreed to combine with Taiwan-based LCY Chemical Corp.'s (1704.TW) styrenic block copolymer operations.
Kraton's polymers are used in a wide range of products, including adhesives, coatings, consumer and personal care products, and sealants and lubricants, among others.
The company said the deal will combine its broad product portfolio and innovation with LCY's cost-effective operations and its proven record of driving growth in China and broader Asia.
The deal, which pushed Kraton shares up sharply in midday trading, will leave both Kraton's shareholders and LCY with 50% stakes in the new company.
Under the deal, LCY will contribute its styrenic block copolymer operations in exchange for shares in the new company, which will be incorporated in the U.K. and listed on the New York Stock Exchange.
Kraton President and Chief Executive Kevin M. Fogarty will head the new company and its headquarters will be in Houston. Costs of about $70 million are estimated over the next three years to achieve longer-term cost savings. The combination is expected to add 75 cents to 80 cents a share to operating earnings in the first full year.
Current Kraton shareholders will exchange their stock on a one-for-one basis for shares in the combined company.
The new company's board will have 14 directors, with seven of Kraton's current directors and seven designated members from LCY. Kraton's current chairman, Dan Smith, will serve as chairman of the new company for two years after the deal closes--which is expected in the fourth quarter.
Write to Tess Stynes at tess.stynes@wsj.com
http://online.wsj.com/article/BT-CO-20140128-708152.html
LCY Chemical Corp. Announces Definitive Agreement to Combine its Styrenic Block Copolymer Business with Kraton Performance Polymers, Inc. to Create a Worldwide Leading Manufacturer and Innovator in the Styrenic Block Copolymer Industry
January 28 ,2014
Taipei, Taiwan (January 28, 2014) LCY Chemical Corp. (TW: 1704, “LCY” or the “Company”), announced today that it has entered into a definitive agreement to combine its styrenic block copolymer (SBC) business with Kraton Performance Polymers, Inc. (NYSE: KRA, “Kraton”), a global producer of highly engineered polymers.
The terms of the combination agreement call for LCY to contribute its SBC business in exchange for newly issued shares in the combined company, such that LCY and Kraton’s shareholders will each own 50% of the outstanding shares of the combined enterprise. Both LCY’s SBC business and Kraton will become subsidiaries of the combined company. The combined company will be a public limited company incorporated in the UK, will be listed on the New York Stock Exchange, and will have a global management team with corporate headquarters in Houston, Texas. Upon and after closing, the name of the combined company will be Kraton Performance Polymers plc.
Pursuant to a shareholder agreement to be entered into at closing setting forth governance rights related to LCY’s ownership, the Board of Directors of the combined company will consist of 14 directors, and LCY will have the right to designate 7 of those directors. The current chairman of Kraton will become chairman of the combined company for a period of two years post-close, after which the LCY designees on the combined company Board will select the chairman for a period of two years, and thereafter the chairman will be selected by the full Board.
Kraton invented highly engineered synthetic elastomers and is a leading global producer of SBCs. Kraton has developed a broad, high-value product portfolio and market-leading innovation platforms, and it has manufacturing operations in North America, South America, Europe and Asia and sales outlets in over 60 countries worldwide.
The combined company will integrate LCY’s cost-efficient SBC manufacturing and production process with Kraton’s product breadth and R&D technology. As a result, the combined company will be geographically balanced across its three regions – Asia, Americas and Europe – and well positioned to serve customers around the world with an industry-leading platform of innovation-grade products.
“The combination agreement between the parties addresses the strategic objectives for both LCY and Kraton and allows the combined company to develop and manufacture more innovative products for broader applications in a cost efficient manner. The combination of LCY’s innovative SBC manufacturing technology and geographic focus in higher growth markets with Kraton’s leading R&D resources will make the new company a leading global player in SBC’s. Projected synergies are expected to be achieved within three years, creating significant value for the combined company, shareholders and employees, as well as continuing to promote Taiwan’s petrochemical industry as an important force on the international stage,” said Bowei Lee, Chairman and CEO of LCY.
This combination is consistent with the Company’s key strategy of developing high-value petrochemical products in Taiwan. LCY will continue to research and develop products through its innovation platforms and will focus on manufacturing high-value products in an environmentally conscious way. The Company will also continue to produce medical polypropylene, electronic-class chemical products, high-performance plastics and solvents. LCY’s strategy is expected to raise the technical standard and production yield rate of the chemical industry in Taiwan, strengthening the country’s manufacturing advantages and creating more business opportunities.
The combination is currently expected to close in the fourth quarter of 2014. The respective shareholders of the Company and Kraton must approve the combination. The combination is also subject to obtaining required regulatory approvals and other customary closing conditions. Citi is acting as LCY’s financial advisor, and LCY’s legal advisor is Skadden, Arps, Slate, Meagher & Flom LLP. Lazard Frères & Co. LLC is acting as Kraton’s financial advisor and Kraton’s legal advisor is Baker Botts L.L.P.
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ABOUT LCY CHEMICAL CORP.
LCY Chemical Corp. was established in 1965 and has been involved in the petrochemical industry for nearly 50 years. LCY Chemical Corp. operates businesses across various industries including chemicals, plastics, rubber, copper foil, storage, and solar energy. LCY Chemical Corp. continues to expand its scale of operations, strengthen its corporate competitiveness and continues to value the safety, health and environmental protection of the communities it operates in. For more information on the company, please visit: http://global.lcy.com.tw/en/index.asp
ABOUT KRATON PERFORMANCE POLYMERS, INC.
Kraton Performance Polymers, Inc., through its operating subsidiary Kraton LLC. and its subsidiaries (collectively, “Kraton”), is a leading global producer of engineered polymers and one of the world’s largest producers of SBCs, a family of products whose chemistry was pioneered by Kraton almost 50 years ago. Kraton’s polymers are used in a wide range of applications, including adhesives, coatings, consumer and personal care products, sealants and lubricants, and medical, packaging, automotive, paving, roofing and footwear products. The company, offers a diverse range of products to more than 800 customers in over 60 countries worldwide, and is the only SBC producer with manufacturing and service capabilities on four continents. Kraton manufactures products at five plants globally, including the flagship plant in Belpre, Ohio, the most diversified SBC plant in the world, as well as plants in Germany, France, Brazil and Japan. The plant in Japan is operated by an unconsolidated manufacturing joint venture. For more information on the company, please visit: http://www.kraton.com/
http://www.lcy.com.tw/en/p1-news-detail.asp?sn=136
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