MERRILLVILLE, IND. (May 23, 2 p.m. ET) — Kuraray Co. Ltd. has agreed to buy MonoSol LLC, a Merrillville-based manufacturer of water-soluble polyvinyl alcohol films.
Terms of the deal were not disclosed.
P. Scott Bening, president and CEO of MonoSol, said the deal would allow both companies to expand their R&D offerings around the world.
“Bringing the technology capabilities of both companies together will speed up and broaden the development capabilities of MonoSol film and delivery systems,” he said. “Kuraray has an excellent acetyl chemistry capability and having that ‘in the company' will surely enhance our capabilities.”
No job losses are expected, he added.
In a statement, Tokyo-based Kuraray said the acquisition supports its strategy of expanding the Vinyl Acetate Chemical chain business and will allow it to offer PVOH films to a wider range of applications. The company currently sells Polva PVOH film for optical uses.
The transaction is subject to approvals by the appropriate regulatory authorities. The business will be operated as an independent company under Kuraray Holdings U.S.A., Inc. and all employees will be transferred to the new company.
Kuraray has annual sales of 3.2 billion euros. Earlier this year, its European subsidiary, Kuraray Europe, announced a 20 million euro investment in expanding production capacity for Trosifol PVB film at its site in Troisdorf, Germany.