Italian speciality chemicals producer Coim has purchased the Hamburg based Novacote adhesives operation from Stahl, part of the Avecia Group, for an undisclosed sum.
Coim has an expected annual turnover for 2001 of about Euro350M and employs about 600 people. The company operates globally with manufacturing plants in Europe, Brazil, and Singapore. It manufactures a wide range of including varnishes, unsaturated polyesters resins, and plasticizers.
Novacote has manufacturing operations for urethane laminating adhesives at Hamburg, and application centres for 'film-to-board' adhesives and coatings in Rouen, France, and Loughborough, UK, respectively. All of its employees have transferred with the business to Coim.
Stahl will continue to manufacture some Novacote products in the UK, Spain and Mexico while Coim evaluates its future manufacturing options in those countries.
President of Coim Cesare Zocchi remarks: "The purchase of Novacote is a natural, logical fit for us - offering good opportunities for manufacturing integration in Europe, South America and Asia. This will provide a strong platform for future growth of the business. Novacote is an important, strategic and highly complementary acquisition, reflecting our desire to become a leading world player in the sector."
