Everchem LLC, a systems house and raw materials manufacture for the polyurethane and epoxy markets based in Media, Pa., has acquired Specialty Products International Inc. (SPI) of Mancungie, Pa., a producer of specialty polyurethane additives.
The deal was announced on July 24 after nine months of negotiations. The acquisition talks began in September 2022 when David Patten, CEO and chief financial officer of Everchem, and SPI President Ed Galla recognized the synergy between SPI’s line of solution-based catalysts and additives and Everchem’s commercial strategies.
“Never did I realize, when SPI started up 30 years ago, with our objectives of improving customers’ operations and helping customers capitalise on opportunities, that SPI would be as large and successful as it is today," Galla said. "Based on SPI’s positions in polyurethane additives and specialty chemicals, Everchem is a natural partner to continue and expand on the ‘SPI . . . Dedicated to our Customers’ tradition under the Everchem name.
“Everchem will be supplying the same products, technologies, and services that SPI’s customers have been accustomed to for decades,” he said.
Del Felter, vice president market and business development at Everchem added that SPI is part of larger goals at Everchem to bring more technology to PU markets.
“The SPI additive technologies product line coupled with their unique applications expands the Everchem customer base and provides additional product placement opportunities for our existing customers.”
The deal was signed on June 26, nearly a month before the public announcement, and both companies are committed to make a seamless transfer of assets over the next 60 days. Everchem has not announced financial specifics of the acquisition.