Synthomer PLC Acquisition
Synthomer PLC Acquisition
TIDMSYNT
TIDMSYNT
RNS Number : 5017Q
RNS编号：5017Q
Synthomer PLC
合成器PLC
28 October 2021
2021年10月28日
Not for release, publication or distribution in any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction
不得在任何司法管辖区发布、出版或分发，因为这样做会违反该司法管辖区的相关法律。
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
本公告包含内幕消息。
For Immediate Release
立即释放
28 October 2021
2021年10月28日
SYNTHOMER PLC
合成器PLC
PROPOSED US$1 BILLION ACQUISITION OF THE EASTMAN'S ADHESIVE RESINS BUSINESS TO FORM THE NEW ADHESIVE TECHNOLOGIES DIVISION OF SYNTHOMER AND GBP200 MILLION EQUITY PLACING
拟以10亿美元收购伊士曼粘合剂树脂业务，组建Synthmer的新粘合剂技术部门，并配售2亿英镑股权
SYNTHOMER'S NEW OPERATING DIVISION "ADHESIVE TECHNOLOGIES" PROVIDES
Synthmer的新运营部门“粘合剂技术”提供
AN EXCITING NEW PLATFORM FOR GROWTH
激动人心的增长新平台
Synthomer plc ("Synthomer" or the "Company"), a global differentiated chemicals company, today announces it has agreed to acquire the Adhesive Resins business ("Adhesive Technologies") of Eastman Chemical Company ("Eastman"), which develops, manufactures and sells tackifying resins and additives for adhesive products, with a strong focus on attractive end markets such as hygiene, packaging and high-performance tyre additives, for $1 billion in cash (the "Acquisition").
全球差异化化学品公司Synthmer plc(“Synthmer”或“公司”)今天宣布，已同意以10亿美元现金收购伊士曼化学公司(“伊士曼”)旗下的粘合剂树脂业务(“粘合剂技术”)，该公司开发、制造和销售粘合剂产品用的增粘树脂和添加剂，重点放在卫生、包装和高性能轮胎添加剂等有吸引力的终端市场(“收购”)。
Strategic Highlights
战略亮点
The Acquisition of Adhesive Technologies will bring significant benefits to Synthomer, including:
收购粘合剂技术公司将给Synthmer带来重大好处，包括：
-- Well-invested assets with a global leading position in adhesives.
-投资良好的资产，在胶粘剂领域处于全球领先地位。
-- Six plants with strong Safety, Health & Environment standards and manufacturing excellence heritage.
-六家工厂，具有强大的安全、健康和环境标准，并具有卓越的制造传统。
-- Increased exposure to attractive end-markets with resilient and GDP+ growth fundamentals.
-增加对具有弹性和GDP+增长基本面的有吸引力的终端市场的敞口。
-- Greater scale and diversity to Synthomer's portfolio, and further extending the Company's geographic footprint.
--Synthmer产品组合的更大规模和多样性，并进一步扩大公司的地理足迹。
-- Strong R&D track record driving opportunities for further innovation-led growth.
-强劲的研发记录推动了进一步创新引领增长的机遇。
-- Alignment with our sustainability roadmap - large and growing portfolio of sustainable products.
-与我们的可持续发展路线图保持一致-大量且不断增长的可持续产品组合。
-- Logical and strategic acquisition with attractive synergy potential.
-- Compelling financial metrics with accretive unit gross margins and conservatively financed.
--具有诱人协同潜力的合乎逻辑的战略性收购。
-令人信服的财务指标，单位毛利率增加，资金保守。
-- Strong management team and talented employee base consisting of approximately 650 people worldwide.
--强大的管理团队和才华横溢的员工基础，在全球拥有约650人。
Financial Summary
财务摘要
-- Adhesive Technologies valued at US$1 billion (approximately GBP728 million), on a cash and debt-free basis, with normal levels of working capital.
--粘合剂技术公司在现金和无债务基础上估值10亿美元(约7.28亿英镑)，营运资本水平正常。
-- Acquisition represents an enterprise value multiple for Adhesive Technologies of 10.3x Adhesive Technologies' June 2021 LTM Adjusted EBITDA before synergies.
-收购代表着粘合剂技术公司2021年6月的10.3x粘合剂技术公司在协同前的LTM调整后EBITDA的企业价值倍数。
-- Attractive post-synergy multiple of 8.3x with target run-rate pre-tax cost synergies of c.US$23 million per annum by the end of the third year following completion of the Acquisition ("Completion").
--具有吸引力的协同后倍数为8.3倍，目标运行率税前成本协同效应在收购完成后的第三年底达到每年2300万美元左右(“完成”)。
-- Acquisition expected to deliver double digit EPS accretion from Year 1.
-- Higher unit gross and EBITDA margins per ton compared to existing Synthomer portfolio.
--收购预计将从第一年起带来两位数的每股收益增长。
-与现有的合成器产品组合相比，单位毛利和每吨EBITDA利润率更高。
-- Return on invested capital is expected to exceed its cost of capital in the third full financial year following Completion.
-预计在完成后的第三个完整财政年度，投资资本回报率将超过资本成本。
-- Conservatively financed Acquisition with an estimated leverage of approximately 1.6x net debt / EBITDA expected at Completion.
-保守融资的收购，预计完成时的杠杆率约为净债务/EBITDA的1.6倍。
Financing and Expected Timetable
融资和预期时间表
-- Financing of the Acquisition and related fees and expenses from the gross proceeds of an Equity Placing expected to raise approximately GBP200 million (approximately US$275 million), existing cash and drawing under a new US$300m debt facility.
-收购和相关费用和开支的融资来自一项股权配售的毛收入，预计将筹集约2亿英镑(约合2.75亿美元)，现有现金，并在一项新的3亿美元债务安排下提取。
-- Acquisition constitutes a Class 1 transaction for the purposes of the Listing Rules, and therefore requires the approval of Synthomer shareholders. Accordingly, a General Meeting will be convened to approve the Acquisition and further details, including the notice of the General Meeting, will be set out in a circular that is expected to be sent to shareholders in November 2021 (the "Circular").
--就上市规则而言，收购构成第一类交易，因此需要获得Synthmer股东的批准。因此，将召开股东大会批准收购事项，包括股东大会通知在内的进一步细节将载于预计于2021年11月发送给股东的通函(“通函”)。
-- In addition, Synthomer shareholders will be asked to approve an increase of the borrowing limit set out in the Articles of Association from GBP1,500 million to GBP2,000 million.
--此外，Synthmer公司的股东将被要求批准将章程中规定的借款限额从15亿英镑提高到220亿英镑。
-- The Acquisition will also be conditional on various regulatory approvals and customary closing conditions.
--此次收购还将取决于各种监管部门的批准和惯常的成交条件。
-- Assuming satisfaction or waiver of all conditions to the Acquisition, Completion expected to occur in Q1 2022.
-假设收购的所有条件得到满足或放弃，预计将于2022年第一季度完成。
Irrevocable undertakings
不可撤销的承诺
-- The Directors have irrevocably undertaken to vote or procure that the registered holders vote in favour of the Resolutions in respect of their beneficial holdings and certain non-beneficial holdings for which they have an aggregate interest amounting to 10,117,624 ordinary shares (the "Shares"), representing approximately 2.4% of the existing ordinary share capital of Synthomer as at 27 October 2021 (the "Latest Practicable Date").
--董事已不可撤销地承诺投票或促使登记持有人投票赞成有关其实益持股及若干非实益持股的决议案，该等实益持股及若干非实益持股合共拥有10,117,624股普通股(“股份”)，约占Synthmer于二零二一年十月二十七日(“最后实际可行日期”)现有普通股股本的2.4%。
-- Kuala Lumpur Kepong Berhad ("KLK"), which holds 90,677,284 Shares, representing approximately 21.3% of the existing ordinary share capital of Synthomer as at the Latest Practicable Date, has irrevocably undertaken to vote in favour of the Resolutions.
--吉隆坡Kepong Berhad(“KLK”)持有90,677,284股股票，约占Synthmer公司截至最后可行日期现有普通股股本的21.3%，该公司已不可撤销地承诺投票赞成这些决议。
-- In addition, KLK has irrevocably undertaken to subscribe for 9,067,728 new Shares in connection with the Equity Placing, representing their 21.3% interest of Synthomer's existing ordinary share capital.
--此外，KLK公司还不可撤销地承诺认购9067,728股与股票配售有关的新股，相当于他们在Synthmer公司现有普通股资本中的21.3%权益。
Commenting on today's announcement, Caroline Johnstone, Chair of Synthomer, said:
Synthmer主席卡罗琳·约翰斯通(Caroline Johnstone)在评论今天的声明时说：
"This acquisition is another important strategic step for Synthomer. It builds on the significant portfolio and geographic expansion gained from acquiring OMNOVA last year and adds an exciting new platform for growth. Adhesive Technologies' global positioning, market leading technology with a strong focus on attractive end markets such as hygiene, packaging and high performance tyre additives are highly complementary to our existing business. Together with Synthomer's incoming CEO, Michael Willome, who has been closely involved and who has fully endorsed this transaction, I look forward to welcoming Adhesive Technologies' colleagues to the Company and working together to deliver on the exciting potential that the combination of our two businesses undoubtedly brings."
此次收购对Synthmer来说是又一个重要的战略步骤。它建立在去年收购OMNOVA后获得的重大投资组合和地理扩张的基础上，并为增长增加了一个令人兴奋的新平台。粘合剂技术公司的全球定位、市场领先的技术，以及对卫生、包装和高性能轮胎添加剂等有吸引力的终端市场的强烈关注，对我们现有的业务具有很强的互补性。与Synthmer即将上任的首席执行官迈克尔·威洛姆(Michael Willome)一起，我期待着欢迎粘合剂技术公司的同事加入公司，并共同努力实现以下目标。迈克尔·威洛姆一直密切参与并完全支持这笔交易。
Commenting on today's announcement, Calum MacLean, Chief Executive of Synthomer, said:
Synthmer公司首席执行官Calum MacLean在评论今天的声明时说：
"Alongside the diversification of our portfolio, end-markets and geographies, our acquisition strategy looks to add new and highly complementary growth opportunities to Synthomer's global portfolio. Adhesive Technologies delivers on that ambition, giving us a leading position in the growing global adhesives market and extending our portfolio of differentiated products and sustainable solutions. The business is well-invested, with six manufacturing facilities, a highly skilled and experienced workforce and has a compelling R&D track record and strong innovation pipeline which will deliver meaningful revenue growth over the next few years. It is a business that we have long-admired, and I am confident that the combination of Synthomer and Adhesive Technologies will drive meaningful value for all stakeholders in the years ahead."
除了我们的投资组合、终端市场和地理位置的多样化之外，我们的收购战略还希望为Synthmer的全球投资组合增加新的高度互补的增长机会。胶粘剂技术实现了这一雄心壮志，使我们在不断增长的全球胶粘剂市场处于领先地位，并扩大了我们差异化的产品和可持续解决方案的产品组合。该业务投资充足，拥有6家制造工厂，拥有一支技术精湛、经验丰富的劳动力队伍，拥有令人信服的研发记录和强大的创新渠道，这将在未来几年带来有意义的收入增长。这是一项我们长期推崇的业务，我相信，Synthmer和粘合剂技术的结合将在未来几年为所有利益相关者带来有意义的价值。“
ANALYST AND INVESTOR PRESENTATION
分析师和投资者演示文稿
The Company will host a conference call and presentation for analysts and investors at 8.30 a.m. (London time) today.
该公司将于美国东部时间上午8：30为分析师和投资者举行电话会议和演示。(伦敦时间)今天。
A copy of the presentation will be available on the Company's website www.Synthomer.com.
演示文稿的副本可在公司网站www.Synthmer.com上查阅。
Participants can join by conference call using the following dial-in details:
参与者可以使用以下拨入详细信息通过电话会议加入：
UK Local: 020 3936 2999
英国本地电话：020 3936 2999
UK Toll Free: 0800 640 6441
英国免费电话：0800 640 6441
All other locations: +44 20 3936 2999
所有其他地点：+44 20 3936 2999
Password: 934117
密码：934117
ENQUIRIES:
查询：
Synthomer plc Tel: + 44 (0) 1279
Calum MacLean, Chief Executive Officer 436211
Stephen Bennett, Chief Financial Officer
Tim Hughes, Head of Investor Relations
Financial Adviser and Joint Corporate Broker
Barclays Bank PLC, acting through its Investment Tel: + 44 (0) 20
Bank ("Barclays") 7623 2323
Nishant Amin
Neal West
Stuart Jempson
Joint Corporate Broker
Numis Securities Limited ("Numis") Tel: +44 (0) 20
Mark Lander 7260 1000
Garry Levin
Andrew Coates
Financial Public Relations Adviser
Teneo Tel: + 44 (0) 7703
Charles Armitstead 330 269
Matt Denham
Synthmer公司电话：+44(0)1279
卡勒姆·麦克莱恩，首席执行官436211
首席财务官斯蒂芬·班尼特(Stephen Bennett)
蒂姆·休斯(Tim Hughes)，投资者关系主管
财务顾问及联席公司经纪
巴克莱银行(Barclays Bank PLC)，通过其投资电话：+44(0)20
银行(“巴克莱”)7623 2323
尼尚特·阿明(Nishant Amin)
尼尔·韦斯特
斯图尔特·詹普森
联合公司经纪人
纽米斯证券有限公司(“纽米斯”)电话：+44(0)20
马克·兰德7260 1000
加里·莱文
安德鲁·科茨
财务公关顾问
Teneo电话：+44(0)7703
查尔斯·阿米斯特德330 269
马特·德纳姆
SYNTHOMER PLC
合成器PLC
PROPOSED US$1 BILLION ACQUISITION OF THE EASTMAN'S ADHESIVE RESINS BUSINESS TO FORM THE NEW ADHESIVE TECHNOLOGIES DIVISION OF SYNTHOMER
拟以10亿美元收购伊士曼粘合树脂业务，组建Synthmer新的粘合技术部门
1. Introduction
1.引言
Synthomer plc ("Synthomer" or the "Company"), the global differentiated chemicals company, is pleased to announce that it has agreed to acquire the Adhesive Resins business ("Adhesive Technologies") of Eastman Chemical Company ("Eastman"), which develops, manufactures and sells tackifying resins and additives for adhesive products, with a strong focus on attractive end markets such as hygiene, packaging and high-performance tyre additives, for GBP728 million in cash (the "Acquisition").
全球差异化化学品公司Synthmer plc(以下简称“Synthmer”或“公司”)高兴地宣布，已同意以7.28亿英镑现金收购伊士曼化学公司(“伊士曼”)旗下的粘合剂树脂业务(“粘合剂技术”)，该公司开发、制造和销售粘合剂产品用的增粘树脂和添加剂，重点放在卫生、包装和高性能轮胎添加剂等有吸引力的终端市场(“收购”)。
Synthomer is a global differentiated chemicals company listed on the London Stock Exchange with a market capitalization of approximately GBP2 billion. With strong geographic diversity and product differentiation, Synthomer is a major global business serving a wide range of end-markets including adhesives, coatings, construction, health and protection and textiles.
Synthmer是一家在伦敦证券交易所上市的全球差异化化学品公司，市值约20亿英镑。凭借强大的地域多样性和产品差异化，Synthmer是一家主要的全球企业，服务于广泛的终端市场，包括粘合剂、涂料、建筑、保健和保护以及纺织品。
Adhesive Technologies develops, manufactures and sells tackifying resins and additives for adhesive products, with a strong focus on attractive end markets such as hygiene, packaging and high-performance tyre additives. Adhesive Technologies has a global presence with a focus on high-value applications and c.83% of sales in North America and EMEA for the year ended 31 December 2020. Adhesive Technologies' operations consist of 2 business lines: Hydrocarbon Resins (HCR) and Non-Hydrocarbon Resins (Non-HCR).
胶粘剂技术公司开发、制造和销售用于胶粘剂产品的增粘树脂和添加剂，重点关注有吸引力的终端市场，如卫生、包装和高性能轮胎添加剂。粘合剂技术公司的业务遍及全球，专注于高价值应用，截至2020年12月31日的一年中，北美和欧洲、中东和非洲地区的销售额占总销售额的83%。粘合剂技术公司的业务包括两个业务领域：碳氢树脂(HCR)和非碳氢树脂(Non-HCR)。
译文内容由第三方软件翻译。