Apollo Management, LP To Acquire Borden Chemical, Inc.
"We are very excited at the potential of partnering with Apollo Management, a knowledgeable and broad-based investor in the chemicals industry," said Craig Morrison, President & CEO of Borden Chemical. "Given our operational momentum in recent years, we expect to continue with our current strategy and management team. The transition should have no impact on our relationships with our customers and suppliers, with whom we will continue to work closely and effectively, or on our employees. Our people have made important contributions to Borden Chemical's growth and progress, and with their support and dedication we anticipate our business will continue to prosper."
"Borden Chemical is a world class asset with an exceptional management team," said Joshua Harris, a founding partner of Apollo. "We are supportive of management's current strategy and are pleased to become a long-term investor in the Company. We look forward to helping Borden expand its solid market position."
Borden Chemical produces binding and bonding resins, performance adhesives, UV-curable coatings and the building-block chemical formaldehyde for various wood and industrial markets through its network of 48 manufacturing facilities in 9 countries. In 2003, the company had annual sales of $1.4 billion and net income of $23 million. Based in Columbus, Ohio, the company has 2,400 employees worldwide.
Borden Chemical in May filed a registration
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