MIDDLEBURY, CONN. — Fresh off becoming a new company, additives maker Addivant is adding new jobs and might be adding new production capacity as well.
Addivant is the name that new York-based private equity firm SK Capital has chosen for the antioxidant and ultraviolet light-stabilizer business that it acquired from Chemtura Corp. for about $200 million late last year. The new name and headquarters location of Middlebury, Conn., were announced May 1.
"We're busy recruiting to get up to scale on a global basis," Smith said.
On the production side, an improving automotive market and China's move toward higher-performance materials should create more of a need for Addivant's products. Mega-expansions of polyethylene resin capacity in North America also could create more of a market for plastic additives.
When the deal was announced, SK Capital officials said the businesses being acquired could generate sales of more than $500 million annually. Smith on May 6 declined to provide a sales estimate for 2013, but he added that sales should be up around four percent vs. 2012.
Addivant's materials are sold into a variety of end markets, including automotive, packaging, consumer durables and agriculture.