Rhodia has signed an agreement to purchase the privately held McIntyre Group Ltd, a global manufacturer of specialty surfactants. According to a press release, the acquisition will reinforce Rhodia Novecare’s product range for personal cleansing and extend its offer for hair care, as well as home, institutional and industrial cleaning markets.
From the first year of combined operations, Rhodia anticipates significant synergies based on cross-selling opportunities, supply chain and procurement optimization—which are expected to double the EBITDA of the acquired business within the Rhodia Group by 2011.
“This ‘bolt-on’ acquisition is an additional illustration of our well-established strategy to deliver profitable growth in activities where we have leading positions," said Jean-Pierre Clamadieu, CEO, Rhodia. "It will reinforce our presence in innovative markets that are largely resistant to economic downturns. Our solid financial structure enables us to seize this opportunity today while investing to prepare our future. It is a clear fit with Rhodia’s strategy and expertise, and it will contribute to our overall performance in the coming years.”
Based near Chicago, the McIntyre Group employs approximately 200 people, and has manufacturing facilities in the U.S. (Illinois) and in Europe (U.K.), complemented by a global commercial network. Reportedly, the company has shown strong business performance, achieving double-digit growth1 during the past three years, with 2008 estimates of $146 million sales and around 10% recurring EBITDA margin.