FORLI, Italy—U.S. speciality materials company Celanese Corp. will acquire SO.F.TER. Group, the Forli-based supplier of engineering thermoplastics and thermoplastic elastomers, the companies announced Oct. 17.
The announcement came a day before SO.F.TER. will participate as an exhibitor at the K Show, which begins Wednesday in Duesseldorf, Germany.
Terms of the deal were not released, though Celanese expects to complete the acquisition in the fourth quarter of 2016, pending customary closing conditions and regulatory approvals.
The acquisition will nearly double the number of Celanese global engineered materials product platforms, and extend its footprint on both sides of the Atlantic, according to the joint announcement.
SO.F.TER. has around 550 employees in Italy, Mexico, Brazil and the U.S, and has 55 production lines across four manufacturing facilities in Europe and four in the Americas.
“Joining Celanese is a natural continuation of the SO.F.TER. Group success story of growth, customer innovation and application expertise,” Italo Carfagnini, chairman of the Italian company, said in a statement.
“From our beginnings in Italy in 1980 to being a key part of the Celanese engineered materials business, we will continue to drive innovative and highly specialized solutions for customers,” the chairman added.
For Celanese, Scott Sutton, executive vice president and president of its materials solutions unit, the acquisition is a step-up for Celanese in the engineered materials market.
“SO.F.TER. Group is a leader in the design, development and production of ETPs and TPEs with a fast and flexible customer-oriented business model that will integrate well within the materials solutions core of Celanese,” Sutton stated.