LEVERKUSEN, Germany (Oct. 23) — Bayer MaterialScience said it will acquire Ure-Tech Group of Taiwan to significantly expand its presence in the thermoplastic polyurethane resins and film market.
Ure-Tech, which employs about 180 and has sales in the $55 million range annually, is the biggest TPU provider in the Asia Pacific, which will make Bayer MaterialScience the world's largest producer of TPU resins and films, Bayer claims.
The transaction is subject to regulatory approval and is expected to close in the first quarter of 2007. The purchase price and related details of the acquisition were not released by the companies.
Combined with Ure-Tech's production facilities, Bayer MaterialScience will have six TPU resins and two film plants in North America, Europe and the Asia Pacific region. They will be linked by a global network, according to Tim Bielfeldt, global head of Bayer MaterialScience's TPU business unit.
Basically, the acquisition will combine Bayer's Bayer MaterialScience's global expertise and its network of international customers and locations with UreTech's market access, said Hagen Noerenberg, Bayer MaterialScience's chairman of the board.