3M (St. Paul, Minn.; www.3m.com) announced that it has entered into an agreement to sell to Innovative Chemical Products Group (ICP Group), a portfolio company of Audax Private Equity, the assets of 3M’s Pressurized Polyurethane Foam Adhesives business (formerly known as Polyfoam), which is part of 3M’s Industrial Adhesives and Tapes Division. Terms of the transaction were not disclosed.
3M’s Pressurized Polyurethane Foam Adhesives business is a provider of pressurized polyurethane foam adhesive formulations and systems into the residential roofing, commercial roofing and insulation and industrial foam segments in the United States, with annual sales of approximately $20 million. The product offering includes a two-component roof tile adhesive that professional roofers use to attach concrete or clay roof tile. The business also offers a polyurethane foam adhesive used for adhering the fleece back roofing membrane and insulation board in low-slope roofing applications.
“After strategic portfolio review, we decided to exit this business and focus on our core adhesives, sealants, and tapes businesses,” said Ty Silberhorn, vice president and general manager, 3M Industrial Adhesives and Tapes Division. 3M applies its adhesive technology to solutions for bonding, protecting, masking, enhancing, shielding, damping, splicing, reinforcing, color coding, and case sealing applications.
“The Pressurized Polyurethane Foam Adhesives business will be a new, strategic business unit within ICP Group, focused on industrial and construction applications. This acquisition further extends the market, technology, and customer base of our business and gives us a foothold into polyurethane technologies. We welcome the entire Pressurized Polyurethane Foam Adhesives team and look forward to working with them to accelerate growth of the business through investments in products, sales and marketing, and acquisitions,” said Doug Mattscheck, president and chief executive officer of ICP Group.
ICP Group plans to maintain the Pressurized Polyurethane Foam Adhesives business’ existing operations in Tomball, Tex., and Coral Springs, Fla., as a stand-alone business unit within the specialty chemicals platform.
The transaction is expected to close during the first quarter of 2016, subject to customary closing conditions. Approximately 20 3M employees that support the business are expected to join ICP Group in conjunction with the sale.