NEW YORK—Investment firm SK Capital can't make plastics-related deals fast enough.
New York-based SK on July 27 announced it was acquiring the specialty polymers business of Baker Hughes for an undisclosed price. That deal comes less than a week after SK acquired a majority stake in materials firm Techmer PM.
The specialty polymers business of Houston-based Baker Hughes makes specialty low molecular weight olefin polymers, including a range of functional polymers and high melting point polyethylene waxes. The company has a manufacturing plant in Barnsdall, Okla.
SK officials said in a news release that the 85-year-old business "has been dedicated to innovation and has developed a strong reputation as a premium specialty supplier."
SK Managing Director Mario Toukan added that the business "is a pioneer in the development of specialized polymerization technologies."
"We see tremendous opportunity for growth by further developing functional, solutions-oriented products that solve problems and create significant value for customers," he said.
"(SK) has extensive corporate carveout expertise and we look forward to partnering with management to transform the business into a world-class independent specialty chemical company," Managing Director Jonathan Borell added.
SK manages a portfolio of companies focused on specialty materials, chemicals and pharmaceuticals. The firm now has made five plastics-related investments in recent years.
In addition to Techmer, SK now owns compounder Geon Performance Solutions of Avon Lake, Ohio; nylon 6/6 resin maker and compounder Ascend Performance Materials of Houston and additives supplier SI group of Schenectady, N.Y.
SK's total portfolio has annual sales of about $9 billion and employs more than 10,000 globally.
The Baker Hughes transaction is expected to close in the second half of 2020.