Page 64 - Plastics News January 2018

Business news

AkzoNobel in talks with 'multiple Injection molder Williams

parties' over sale of specialty Industries sold to investment
chemicals firm

utch chemicals company AkzoNobel NV is in talks with njection molder Williams Industries Inc. has been
Dmultiple parties over the potential sale of its specialty Isold to Elk Grove, Illinois based investment firm
chemicals business. According to reports the negotiations Thunderbird LLC in partnership with private equity firm
are part of the group’s strategy, announced in April, to Westbourne Capital Partners in Chicago. However terms
of the transaction were not disclosed.
Terry Minnick, chairman of Molding Business Services
Inc. in Florence, Massucheuts., who worked as an
adviser to Williams Industries, said that Thunderbird is
now the majority owner.Williams Industries will operate
as a subsidiary of Thunderbird going forward. Williams
Industries is based in Shelbyville, Indiana and offers in-
house injection molding as well as digital printing on a
variety of plastic substrates, such as vinyl, polyethylene
separate its specialty chemicals operations as a new and acrylic. The company also designs and manufactures
entity and focus on its paints and coatings business with the Tritan USA brand of plastic drinkware products.
“fit-for-purpose” structure and processes. According to Luke Williams sold the family owned injection molding
AkzoNobel’s senior spokesman Andrew Wood, the company business due to personal health issues, Minnick said,
is following a dual-track process for the spinoff: private but the entire management team at Williams Industries
sale or legal demerger. In terms of private sales, said will stay on to help run the business.
Wood, a number of strategic buyers as well as private
equity funds have expressed their interest. Thunderbird was formed by Kevin Prunsky and John
Newell after the sale of Pollution Control Industries
These, according to the German business
newspaper Handelsblatt, include a joint bid by German
specialty chemical supplier Lanxess AG and U.S. private
equity firm Apollo. While AkzoNobel did not comment on
the price tag, Trading Sat suggested an 8 to 10 billion
euro ($9.6 to 12.02 billion) price range for the unit, which
had 4.8 billion euros ($5.7 billion) in sales in 2016. The
business makes ingredients for products including plastics,
detergents and pharmaceuticals.AkzoNobel announced its
strategy last year amid a 24.6 billion euro ($29.5 billion) Inc., a waste management company that Prunsky
takeover bid by the U.S.-based PPG Industries Inc. At founded in 1986. The "family office" has investments in
the time, the Dutch company said it would complete the two metal parts manufacturers. This is the firm's first
separation process in 12 months. According to Wood, the investment in a plastics company. Thunderbird, LLC,
company is on track to complete the process by April 2018.
through its subsidiaries, manufactures aluminum impact
Akzo Nobel NV has shortlisted four bidders for its specialty extrusions and cold forged steel products for aerospace,
chemicals business, according to people familiar with the automotive, military/defense, agricultural, consumer,
matter. and building products industries in the United States.
The company also provides highly specialized precision
The final bidders include a consortium of Apollo Global
Management and German chemicals company Lanxess based parts and sub-assemblies for engines, auxiliary
AG; an alliance of Boston-based buyout firms Bain Capital power units, and environmental control systems in
and Advent International; Carlyle Group LP; and Dutch aerospace (commercial, military, and business jet) and
investment firm Hal Investments B.V., the people said. semi-conductor industries.

Plastics News Januar y 2018 64