M&As: Synthomer to sell off inorganic chemistry business; Celanese to divest Micromax ink and paste business

UK-headquartered polymer firm Synthomer has announced an agreement to divest William Blythe Ltd, its inorganic chemistry business, to its management team alongside H2 Equity Partners, for a consideration of £30 million.

The London-listed firm noted that William Blythe was part of its health and protection and performance materials unit and was designated as non-core following a strategic review launched back in October 2022.

Founded in 1845, William Blythe has pioneered the development and use of inorganic derivatives of elements such as tin, iodine, copper, zinc and tungsten for demanding applications in markets including life sciences, performance coatings, polymers, electronics, catalysts and renewable energy for 180 years. The business has approximately 85 employees based at its UK manufacturing site in Accrington, Lancashire.

In the year ended 31 December 2024, William Blythe generated sales of £54 million and stand-alone adjusted EBITDA of £4 million. The transaction is conditional on certain customary closing conditions, is expected to complete at the end of May 2025, and the net proceeds will be used to reduce group net debt. In recent years, Synthomer has also divested its latex compounding business and its laminates, films and coated fabrics business line.

In other news, US chemical firm Celanese Corp is divesting its Micromax portfolio of products. The company’s Board and management are confident in the significant value created by a divestment while advancing Celanese’s strategic priority of cash generation and deleveraging.

Celanese’s Micromax business is a supplier of advanced electronic inks and pastes designed for high-performance electronics and is expected to generate over US$300 million in 2025 revenue. These materials are used in a variety of applications, including navigation and defence, medical monitoring and advanced circuit board components. Micromax products are known for durability, flexibility, and performance in harsh environments. The portfolio includes conductive, resistive, and dielectric thick film inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials for creating multilayer circuits.

“Our primary focus continues to be aggressively and prudently deleveraging our balance sheet, and this strategy includes regularly reviewing our assets,” said Scott Richardson, Celanese’s President/CEO.

“Micromax provides mission-critical solutions to customers across a diverse range of industries such as aerospace, healthcare, and transportation and is well-positioned to benefit from accelerated growth in those end uses. Micromax is poised to take advantage of numerous macro trends, including miniaturisation, wearable tech, and the EV transition. Through this divestiture, our team at Celanese can sharpen its focus on our high-growth assets within our existing operating models that will unlock shareholder value and increase cash flow,” he added.

The completion of any separation transaction will be contingent upon various conditions and approvals, including approval by Celanese’s board of directors, receipt of requisite regulatory clearances and compliance with applicable US Securities and Exchange Commission requirements. No assurance can be given regarding the form that a transaction may take or the specific terms or timing, or that a sale will in fact occur.

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