Covestro Sells SPF Business to Accella
Covestro LLC has agreed to sell its North American spray polyurethane foam system house to Accella Polyurethane Systems LLC. Accella is a portfolio company of Arsenal Capital Partners. The sale is scheduled to be completed in the second quarter of 2017. Financial terms have not been disclosed.
Covestro’s spray polyurethane foam business is located in Spring, Texas. The roughly 40 employees at the Spring facility will be offered the opportunity to become Accella employees. Operations will continue at the current facility.
“The accomplishments of Covestro’s spray polyurethane foam team cannot be overstated. Both technically and commercially, their contributions have helped grow spray polyurethane foam as a technology in the construction market,” said Jerry MacCleary, president of Covestro LLC. “This divestiture will allow us to focus on our core business while allowing our spray polyurethane foam employees to continue to shape the industry as a part of Accella.”
“This acquisition will significantly improve Accella’s position in the spray polyurethane foam market. The addition of a well-rounded product technology portfolio and a team of highly regarded industry experts will complement our current spray polyurethane foam business nicely,” said Andy Harris, president and CEO of Accella. “Moving forward, Accella intends to focus on investing in and growing our spray foam business to meet the needs of our valued customers with the best people, products and service in the industry.”
The Covestro LLC Spring, Texas, facility includes both commercial and production operations, serving North America as a leading producer of spray polyurethane foam, which is used as insulation and roofing in the construction of commercial buildings and residential homes.