Aug 18 2005
Bayer MaterialScience LLC, Pittsburgh, USA, is set to take over Polythane Systems, Inc. (PSI), of Spring, Texas, a leading American supplier of polyurethane spray foam systems for roof insulation.
The transaction is scheduled for completion on August 31, 2005. No financial details were released. Bayer MaterialScience will integrate the system house PSI into BaySystems North America LLC and take over all 31 employees, plus the company's trademarks, buildings and facilities. The transaction will also include the acquisition of Everest Coatings, Inc., a wholly owned subsidiary of PSI, which manufactures elastomeric acrylic coatings, polyurea systems, sealants and base coats. To date, nearly 50 million square meters of roofing on office buildings in North America and the Caribbean have been insulated with this system.
"Bayer MaterialScience is the global market leader in isocyanates and polyols, and a leading supplier of PU raw materials for coatings, adhesives and sealants," says Jerry MacCleary, head of Marketing and Business Development within the Polyurethanes Business Unit of Bayer MaterialScience LLC in North America. "Through the acquisition of PSI, we are gaining direct access to the commercial roofing business and to other specialty markets. This is an expression of our global strategy to penetrate new markets with our products in order to meet the growing demands of customers."
Tom Sparks, CEO of PSI, says: "The integration of PSI and Bayer MaterialScience represents a major step forward for both us and our customers. As a result, we will be able to combine the excellent reputation and wide-ranging resources of Bayer with the technology and the production and marketing expertise of PSI. This will result in extra added value for the customer."