Infineum to acquire Entegris’ Pipeline and Materials business
Abingdon, UK-based Infineum, the additives joint venture between ExxonMobil and Shell, has entered into a definitive agreement to acquire Entegris, Inc.’s Pipeline and Industrial Materials business (PIM).
The transaction is expected to close in the fourth quarter of 2022, subject to receipt of required regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.
Lowenstein Sandler is serving as legal counsel to Infineum. Lazard Freres & Co. LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Entegris.
Based in Billerica, Massachusetts, U.S.A., Entegris’ PIM business is part of the company’s Specialty Chemicals and Engineered Materials (SCEM) division and includes the Flowchem, Val-Tex, and Sealweld brands and a broad range of drag reducing agents (DRAs) for pipeline operations.
“We are excited to announce the agreement to acquire Entegris’ Pipeline and Industrial Materials business. This acquisition has a strong strategic fit with the core capabilities of Infineum and is a significant step in Infineum’s transformation into a sustainable world-class specialty chemicals company. We look forward to welcoming our new colleagues to the Infineum team,” said Trevor Russell, CEO.
“Drag reducing agents (DRA) is an exciting global growth segment, and this addition will expand Infineum’s portfolio of specialty chemicals and deliver long-term value to our shareholders. Infineum’s complementary technology and supply chain capabilities, along with the synergies and dedication we intend to bring to this business, will enable us to provide customers with enhanced levels of innovation and performance reliability, all backed by the Infineum brand,” said Shee Young Kim, Infineum’s director of Global Business Growth.
Flowchem
Founded in 2001 and based in Waller, Texas, U.S.A., Flowchem manufactures a broad range of DRAs for pipeline operations. Flowchem’s products include DRAs for light, medium or heavy crude oil, as well as DRAs engineered for refined fuel products and custom-engineered DRA solutions formulated to optimize any pipeline. Flowchem serves more than 50 pipeline operators worldwide, as well as midstream service providers and distributors.
Val-Tex
Located in Houston, Texas, U.S.A. Val-Tex manufactures and distributes high quality, cost-effective industrial sealants and lubricants, as well as related products, such as lubrication equipment and fittings. The company primarily serves customers in oil and gas storage, pipeline and gas distribution.
Sealweld
Based in Calgary, Alberta, Canada, with additional facilities in the United States and the United Arab Emirates, Sealweld is a global supplier of high-performance products and services for industrial valve and actuator maintenance, including lubricants, sealants, cleaners, valve fittings, tools and equipment. Additionally, Sealweld provides routine and emergency valve maintenance services and technician training for many of the world’s largest pipeline operators. Sealweld’s products have proven reliable in more than 90 countries since the firm’s founding in 1969.
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