Taminco Closes Purchase Of Formic Acid Business Of Kemira Oyj

(RTTNews) - Specialty chemicals company Taminco Corp. (TAM), said Thursday it has completed the $190 million acquisition of the formic acid business of Kemira Oyj. The deal was announced in December.

According to Taminco, the acquired formic acid business has EBITDA of about 23 million euros or $32 million, a manufacturing facility for formic acid and derivatives in Oulu, Finland, and about 160 employees across Finland, the Netherlands, Germany, China, the U.S. and Brazil.

The formic acid business has a global footprint and serves a number of selected markets that are driven by key global megatrends, such as animal nutrition, agriculture, water treatment and energy.

Taminco's entry into the formic acid market is part of a long term strategy of accretive investment in niche businesses with strong outlooks, attractive end-markets, and high levels of similarities with Taminco's core competencies.