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Corporation
INDUSTRIAL | Basic Materials / Specialty Chemicals
chryso.com

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Founded Year

1942

Stage

Shareholder Liquidity | Alive

About Chryso

Chryso develops specialty chemical additives used in the production of construction materials.On May 21st, 2021, Chryso was acquired by Saint Gobain. The terms of the transaction were not disclosed.

Chryso Headquarter Location

19 place de la Résistance

Issy-les-Moulineaux, 92445,

France

+33(0)1 41 17 18 19

Latest Chryso News

GCP Applied Technologies Stock (GCP): Why The Price Increased Today

Dec 6, 2021

The stock price of GCP Applied Technologies Inc (NYSE: GCP) increased by over 14% pre-market today. This is why it happened. The stock price of GCP Applied Technologies Inc (NYSE: GCP) increased by over 14% pre-market today. Investors are responding positively to Saint-Gobain and GCP Applied Technologies announcing that they have entered into a definitive agreement pursuant to which Saint-Gobain will acquire all of the outstanding shares of GCP for $32 per share, in cash, in a transaction valued at approximately $2.3 billion (approximately €2 billion). This deal is a decisive step in establishing Saint-Gobain’s leading position worldwide in construction chemicals with total sales of more than €4 billion (up from €3 billion) and furthers the Group’s strategy as a worldwide leader in light and sustainable construction. The agreed-upon price represents a multiple (before synergies) of approximately 13.2x GCP’s 2022E adjusted EBITDA of $170 million and a multiple of 8.8x EBITDA post-run-rate synergies of $85 million, and a premium of 39% above the volume-weighted average price per GCP share for the 30-trading days ended on the undisturbed date of November 30, 2021. This deal meets the Group’s strategic and financial criteria articulated during the Capital Markets Day of October 6, 2021: 1) Strengthening leadership positions notably in North America and Asia as well as offering enrichment in light and sustainable construction 2) Value creation by year 3 following the closing of the transaction and EPS (Earnings Per Share) accretive from year 1 (+4% before synergies) 3) Maintaining a strong balance sheet and solid credit rating with a limited impact of +0.3x net debt to EBITDA The business combination was unanimously approved by the Boards of Directors of Saint-Gobain and GCP Applied Technologies. And Saint-Gobain has obtained undertakings from Starboard and Standard Investments (formerly known as 40North)/Standard Industries to vote their respective stakes of 8.9% and 24.2% in favor of the transaction. The closing of the transaction is subject to GCP shareholders’ approval, antitrust approvals, and satisfaction of other customary closing conditions; it is expected to close by year-end 2022. After the successful acquisition of Chryso, GCP is the logical next step to expand Saint-Gobain’s presence in admixtures and additives — which provide key solutions to de-carbonize the construction industry. And the combined companies are present in all main geographies and benefit from 2 highly complementary footprints with Chryso’s strong positions mostly in Europe, the Middle East, and Africa and GCP’s in North America, Asia-Pacific, and Latin America. And the combination will also enlarge Saint-Gobain’s customer reach in admixtures and additives with 75 production sites and a doubling of its manufacturing footprint to 38 countries. The acquisition of GCP enriches the CertainTeed portfolio in North America in the residential as well as the commercial sectors, in addition to its strong presence in infrastructure. And it enhances its ability to provide a wider customer base with innovative solutions and develop roofing and façade systems. GCP’s recognized high-end innovative solutions will complement the CertainTeed portfolio with their leading presence in roofing underlayment (Ice & Water Shield) as well as in waterproofing (Preprufe, Bituthene). Plus it will offer multiple cross-selling opportunities, improving performance for customers and accelerating growth. The specialty building materials business in North America (c. $250 million of sales) will be integrated into the CertainTeed business serving local customers in the Americas Region. And all other businesses, consisting of mainly concrete admixtures and cement additives (c. $750 million of sales) will be combined with the Chryso business and be part of the High-Performance Solutions segment. This acquisition will create value by year 3 following the closing of the transaction. And Saint-Gobain will finance the acquisition through cash on its balance sheet. Significant synergy opportunities are estimated at c. $85 million by year 5, including cost synergies of c. $72 million — which are expected to be captured through the elimination of GCP’s public company costs, pruning of SG&A, economies of scale in procurement, and manufacturing and logistics cost optimization. Saint-Gobain expects to benefit from at least $13 million EBITDA impact from top-line synergies due to an enlarged commercial platform to the benefit of its customers and cross-selling opportunities in multiple geographies. Lazard and Citi are acting as financial advisors and Freshfields Bruckhaus Deringer LLP is acting as legal counsel to Saint-Gobain in connection with the transaction. KEY QUOTES: “Today opens an exciting new era in GCP’s rich history, for our shareholders, customers and employees. We are thrilled for GCP to join Saint-Gobain, the ideal strategic partner to support our growth. Thanks to its global platform, significant resources as well as commercial and innovation expertise, Saint-Gobain is perfectly positioned to ensure the success of GCP’s operations and people over the long term.” — Simon Bates, President and Chief Executive Officer of GCP “The Board of GCP is unanimously supportive of this transaction and believes it provides full and fair value to all shareholders of GCP. Saint-Gobain represents a great partner for GCP and we are pleased to have reached this agreement. The Board would like to thank our leadership team and our dedicated employees for their significant contributions to GCP. These efforts have allowed us to achieve this great result.” — Peter Feld, Independent Chair of the Board of GCP “The acquisition of GCP is an excellent and significant step for Saint-Gobain to further reinforce its worldwide leadership in construction chemicals and strengthen its geographic presence in North America and emerging markets, both objectives being at the core of our “Grow & Impact” strategic plan. We are very happy and truly excited to welcome into Saint-Gobain the GCP teams, with whom we share the same industrial and commercial culture. Given GCP’s leadership in its sector with well-recognized brands, expertise, know-how, and businesses that are highly complementary with Chryso and CertainTeed, we are convinced that this great combination will create a very strong platform, with improved reach, value-added solutions, and services delivered to our customers. Leveraging Saint-Gobain’s scale and innovation capabilities, with GCP’s attractive geographic footprint, this transaction will result in enhanced profitable growth and value creation for our shareholders and will provide attractive development opportunities for both teams around the world.” — Benoit Bazin, Chief Executive Officer of Saint-Gobain Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

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Chryso Patents

Chryso has filed 29 patents.

The 3 most popular patent topics include:

  • Cement
  • Concrete
  • Monomers
patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/21/2018

11/3/2020

Polymers, Copolymers, Polymer chemistry, Thermoplastics, Monomers

Grant

Application Date

8/21/2018

Grant Date

11/3/2020

Title

Related Topics

Polymers, Copolymers, Polymer chemistry, Thermoplastics, Monomers

Status

Grant

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