U.S. investment companies are out front in the bidding to acquire the remaining plastics interests of German industrial group Rutgers AG, according to a published report in Europe.
Leading contenders in advanced talks to take over HT Troplast AG, a profile extruder in Troisdorf, Germany, include Carlyle Group of Washington and Advent International, based in Boston, according to the London Financial Times.
Meantime, U.S. buyout specialist Apollo Management is one of two firms in the final round of negotiations to acquire polyurethane resin and compound producer Bakelite AG of Iserlohn- Letmathe, Germany, the paper reported.
It quoted those close to the parties involved as expecting a deal to be concluded in October.
In March 2003, Essen-based Rutgers announced it planned to dispose of its three plastics businesses - HT Troplast, Bakelite and electronics materials producer Isola AG - by the end of 2004.
This April, it sold Isola to Fort Worth, Texas, investment firm Texas Pacific Group.
Troplast makes PVC window and door profiles, films for laminating glass and cross-linked polyethylene foam. It runs three production sites in Germany plus plants in France, Italy, Britain, Spain, and Hungary. In addition, it has a U.S. operation in Huntsville, Ala., and others in Novo Hamburgo, Brazil; Hong Kong and Tianjin, China; Petaling Jaya and Kuala Lumpur, Malaysia; and Woskresensk, Russia.
Troplast acquired ailing German profile maker Gebruder Kommerling Kunststoffwerke GmbH of Pirmassens in 2000.
Advent International already owns Europe's fourth-ranked PVC polymer producer, Vinnolit Kunststoff GmbH of Ismaning, Germany, which it acquired in 2000.
Bakelite, which recorded 2002 sales of 511 million euros ($623 million) and employs 1,752, has three plants in Germany, four in Italy, three in Spain and single units in Kitee, Finland; Seoul, South Korea; and Sheboygan, Wis.