International. Henkel revealed that it has begun exclusive negotiations with GCP Applied Technologies to acquire its $1.05 billion global Darex Packaging Technologies business in cash- and debt-free form.
Henkel submitted a binding offer for the Darex Packaging Technologies business. Darex is headquartered in Cambridge, USA and supplies high-performance sealants and coatings for the metal packaging industry worldwide. It serves several global customers who produce beverage cans, food or aerosols. In fiscal year 2016, Darex Packaging Technologies generated sales of around US$300 million. Darex has nearly 700 employees and 20 locations in 19 countries.
"The anticipated transaction is in line with our strategy to strengthen our portfolio through targeted acquisitions and would reinforce the position of our Adhesive Technologies business as a global market and technology leader," said Hans Van Bylen, CEO of Henkel.
In relation to this binding offer, GCP will initiate a consultation process with the relevant works councils and trade unions. At the end of this process, it is intended to enter into a definitive purchase and sale agreement with respect to the proposed sale. The proposed transaction will also be subject to customary closing conditions, including regulatory approvals.
