BOSTON - Advent International of Boston, which last year acquired the British compounder and industrial polymer company BIP Plastics Ltd. from T&N plc of Manchester, England, is reorganizing the $81 million acquisition to create an international chemical company for listing on the London Stock Exchange. BIP of Birmingham, England, includes Chem Polymer Corp. of Fort Myers, Fla., BIP de Mexico SA of Mexico City, and three companies in England.
Advent, a private investment company, said it intends to bring together the British, U.S. and Mexican firms for development before selling them in three to five years.
``We want to cross-fertilize and build on the strengths of each business,'' Olaf Krohg, a London-based Advent director, said in a telephone interview.
He said the Mexico operation is one of the most efficient within BIP and will be central to developing the businesses. He said it has attractive market potential in Central and South America.
BIP de Mexico produces urea, melamine and phenolic compounds and a small amount of polyester compound. It has a molded product division making phenolic/urea compound, electrical fittings and handles for pots and pans. About 55 percent of its base materials are exported to the United States, Cuba and Central and South America.
Krohg said the Mexican unit has acquired a small tableware molder, Vajillas Hollywood SA of Mexico City, and there will be additional investments, possibly involving the acquisition of more finished plastics product firms in Mexico.
Advent has been approached by major, unnamed European and U.S. chemical companies interested in purchasing part of BIP, according to Krohg, who is also a BIP board member.