Solvay SA has made another specialty polymers deal by acquiring Mississippi Polymer Technologies of Bay St. Louis, Miss.
MPT produces Parmax-brand resin, a transparent, amorphous paraphenylene copolymer that offers a lightweight alternative to metal in aerospace components, medical devices and other uses. The polymer is noncombustible, maintains mechanical properties at cryogenic temperatures and is resistant to solvents, scratches and abrasions, MPT claims.
No purchase price was disclosed for the deal, in which Brussels, Belgium-based Solvay bought MPT from Maxdem Inc., a San Dimas, Calif.-based investment firm focused on plastics and chemicals.
MPT, which was launched in 2000, employs 50 at a 30,000-square-foot site. The firm opened its manufacturing site in 2002 and sold its first commercial products in 2004. MPT has won contracts worth almost $19 million from the Department of Defense and the U.S. Navy.
Military uses for Parmax include weapons, vessels and aircraft.
No sales or production data was available for MPT. Chief Executive Officer Robert Gagne said he will leave the firm after serving briefly as a consultant. President and Chief Operating Officer John Flock is expected to remain.
In a Jan. 13 phone interview, Gagne - who helped found MPT - said selling to Solvay was ``a good, logical step.''
Solvay announced the deal Jan. 10, about a month after revealing its acquisition of the polymers unit of specialty chemicals maker Gharda Chemicals Ltd. of Mumbai, India. That deal brought Solvay a 180-employee plant and research center in Panoli, India.
Both MPT and Gharda will be part of Solvay Advanced Polymers in Alpharetta, Ga.
In the first nine months of 2005, Solvay posted sales of more than 6.2 billion euros ($7.4 billion), an increase of 15 percent vs. the same period in 2004.