- Bakelite was formed by Black Diamond and Investindustrial after they acquired Hexion’s phenolic resins business in 2020
- Investindustrial is a European investment firm based in London
- Black Diamond is a privately held alternative asset management firm based in Stamford, Connecticut
No financial terms were released for the deal. It is expected to close in August, subject to regulatory approvals.
LRBG manufactures high-quality resins and derivative products that are used in a wide variety of applications serving the building and construction, transportation, industrial and chemical intermediate markets worldwide.
Based in Atlanta, Georgia, Bakelite Synthetics is a producer of thermoset specialty resins, solutions and engineered thermoset molding compounds. The company that combines Bakelite and LBRG will consist of around 1,500 associates and 21 manufacturing sites operating in 12 countries.
“This acquisition allows Bakelite to expand its footprint into Canada and to better serve the northeastern regions of Canada and the US,” said JP Aucoin, president and CEO of Bakelite Synthetics, in a statement. “We look forward to welcoming LRBG Chemicals’ associates to Bakelite Synthetics, with its rich history of customized product development and customer service, as we seek to expand our combined businesses.”
Bakelite Synthetics was formed by Black Diamond and Investindustrial after they acquired Hexion’s phenolic resins business in 2020 for $425 million.