Henkel to acquire US adhesives company Sovereign Specialty Chemicals
"The acquisition of Sovereign Specialty Chemicals strengthens our position in North America in an ideal way", says Ulrich Lehner, Chairman of the Management Board of Henkel KGaA. "We now gain an important position in the US craftsmen segment and achieve an excellent complement to our industrial businesses."
Sovereign Specialty Chemicals has a worldwide workforce of approximately 900 employees and had sales for the twelve months period ended June 30, 2004 of 391 million US dollars. Its product range encompasses technologically sophisticated adhesives, sealants and coating materials designed for various industrial applications as well as for the craftsmen and DIY market segment.
With nearly 90 percent of its sales in the US the company is a leading supplier in the American market. Two thirds of sales generated by Sovereign Specialty Chemicals relate to its industrial customers. Within this segment, the acquisition will serve to strengthen Henkel's activities in the packaging, graphic arts, woodworking, assembly and transportation markets. In the craftsmen and DIY segment, it will similarly enhance Henkel's position as a leading supplier of assembly adhesives.
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