Materials firm Celanese Corp. has acquired most of the assets of conductive polymers maker Cool Polymers Inc. for an undisclosed price.
North Kingstown, R.I.-based Cool Polymers makes thermally and electrically conductive materials. The firm “has a strong technology position, advanced polymer formulation and compounding capabilities,” Celanese executive Phil McDivitt said in an Oct. 20 news release. McDivitt serves as vice president and general manager of engineered materials for Dallas-based Celanese.
Cool Polymers was formed in Warrick, R.I., in 2000 and moved to North Kingstown in 2010. At that time, the firm employed 50 and listed LED lighting as its largest end market. Celanese officials said in the release that Cool Polymers' technical capabilities in LED lighting “will allow for immediate customer growth.”
Celanese employs 7,400 worldwide and posted sales of $6.5 billion in 2013. Earlier this year, the firm broke ground on a compounding expansion at its site in Florence, Ky. The expansion will include new production lines and is set to come on-stream in early 2015.