Adhesive manufacturer LORD Corporation has signed a definitive agreement with Henkel KGaA of Duesseldorf, Germany to purchase Henkel's rubber-to-substrate bonding and rubber coating business.
The business primarily serves automotive and industrial manufacturers of rubber molded and extruded components and includes the trade names Chemosil, Flocksil, Cuvertin and Sipiol. Henkel employees performing technical and commercial functions and who have been primarily dedicated to this business are planned to transfer to LORD Corporation subsidiaries.
"The acquisition of this important business from Henkel will allow us to better serve our global customers in the European region and is in line with the strategic commitment LORD Corporation has to the European region in all areas of activities," said Rick McNeel, president and CEO of LORD Corporation.
The transaction is subject to customary closing conditions including the required antitrust approvals.