PORT NECHES, Texas (Dec. 16)—Ameripol Synpol Corp., which filed for Chapter 11 bankruptcy protection this morning, has agreed to be acquired by International Specialty Products Inc., a Wayne, N.J.-based maker of specialty chemicals and minerals. Terms of the deal weren't disclosed. ISP intends to present its proposed asset purchase agreement to the U.S. Bankruptcy Court for the District of Delaware, where Ameripol Synpol filed for reorganization. The sale will be subject to Bankruptcy Court approval, Ameripol Synpol said, meaning other potential buyers also will be allowed to make bids. ISP is an $850 million company with 2,700 employees at more than 70 locations serving business sectors include pharmaceutical, food, personal care, coatings and industrial. Its CEO is Sunil Kumar, formerly with GAF Corp. and Bridgestone/Firestone. Ameripol Synpol also said it has secured a Debtor in Possession line of credit to allow it to meet day-to-day operations.
ISP bids to take over Ameripol Synpol assets
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