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ROHM AND HAAS PLANS TO FORM A JOINT VENTURE COMPANY TO PROVIDE WOOD TREATMENT TECHNOLOGIES
The new company will bring together the wood biocides business of Rohm and Haas and the wood protection chemicals business of CSI. The joint venture will substantially strengthen the new company’s product development programs, marketing, sales and comprehensive services to the wood treatment market. The joint venture is equally owned by CSI and Rohm and Haas, and will be headquartered in Charlotte, NC. CSI would receive a $75 million payment from Rohm and Haas as part of the agreement. Rohm and Haas’s microbial control business for paints, coatings and other building and construction products, metalworking, water treatment, mineral processing as well as household and personal care preservatives would not be included in the joint venture. According to Steve Ainscough, current President of CSI, who has been named President and CEO of the combined business, this joint venture will be formed to take advantage of the significant growth potential to develop and commercialize new products for the wood treatment industry. “CSI and Rohm and Haas are a perfect fit. With more than $200 million in annual sales, we will be in a unique position to combine our technologies and expertise to provide advanced products and services,” says Ainscough. “We have an exciting pipeline of innovative products and, in 2007, we plan to introduce next generation preservatives which have been through more than 10 years of field performance testing. Our customers can expect new, advanced technologies and a broader portfolio of products with proven performance to meet their wood treatment needs. This will enable our customers to deliver wood products that provide long-lasting protection and improved long-term appearance at cost competitive levels required by retailers and the end consumer.” “This is a great opportunity to bring together Rohm and Haas’s expertise in microbial control technologies, including a broad portfolio of active ingredients, formulations expertise, extensive applications and regulatory experience as well as access to global manufacturing and research facilities with a well-respected partner who understands the needs of the wood treatment market,” says Guillermo Novo, Vice President, Rohm and Haas Biocides. “The strengths of each company complement each other well and we are confident this will be a win-win partnership for the wood treatment industry and both companies.” Novo added, “Further, the formation of the joint venture is consistent with Rohm and Haas’s strategic initiative for growth announced earlier this week.”
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