Borden Chemical, Inc. to Acquire Bakelite AG.COLUMBUS, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. -- Borden Chemical, Inc., a leading supplier of thermoset A polymer-based liquid or powder that becomes solid when heated, placed under pressure, treated with a chemical or via radiation. The curing process creates a chemical bond that, unlike a thermoplastic, prevents the material from being remelted. See thermoplastic. and other high performance resins, adhesives and specialty materials, today announced it has signed a definitive agreement to acquire Bakelite AG from its parent company, Rutgers AG. Terms of the purchase agreement were not disclosed. The transaction is subject to regulatory and other customary closing conditions. Based in Iserlohn-Letmathe, Germany, Bakelite is a leading source of phenolic phe·no·lic adj. Of, relating to, containing, or derived from phenol. n. Any of various synthetic thermosetting resins, obtained by the reaction of phenols with simple aldehydes and used as adhesives. and epoxy thermosetting resins and moulding compounds with 13 manufacturing facilities in Europe and Asia. Last year the company generated sales of $610 million. It has 1,700 employees. Borden Chemical reported 2003 sales of $1.4 billion and employs 2,400 associates. Craig O. Morrison, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Borden Chemical, said, "We regard Bakelite as a strategic investment that will greatly expand our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , particularly in Europe and Asia, while extending our range of technology solutions into epoxy resins and other materials. The merging of our two businesses creates a company with true global reach." Morrison also highlighted the complementary fit of the two companies' operations. Most of Bakelite's sales and operations are outside North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , while the bulk of Borden Chemical's sales and operations are within North America. Dr. Heinz Rzehak, chairman of the management board of Rutgers AG said, "The merger with Borden Chemical will provide Bakelite with an owner totally dedicated to Bakelite's core business of thermoset resins and adhesives. Bakelite and Borden share common values and a customer-focused approach to the business. The two companies have excellent technological positions that should create value for the combined enterprise going forward. Bakelite's management looks forward to working with the Borden Chemical team." Bakelite was the world's first manufacturer of fully synthetic plastics and is one of the best-known names in the synthetic resins industry. It is recognized for its strong technical solutions that deliver value across a broad range of customer applications. More information on the company can be found on its website at www.bakelite.de Borden Chemical is a leading producer of binding and bonding resins, performance adhesives, and the building-block chemical formaldehyde for various wood and industrial markets through its network of 48 manufacturing facilities in 9 countries. The company is owned by the investment firm Apollo Management Apollo Management L.P. is a private equity L.P. firm, founded in 1990 by Leon Black (Apollo Advisors). Based in New York, it also has offices in Los Angeles and London. It has invested over $16 billion in companies inside and outside the of the United States. , LP and is based in Columbus, Ohio. More information on Borden Chemical can be found on its website at www.bordenchem.com. Note to Editors: The umlaut umlaut (  m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. above the "u" in "Rutgers AG" has been removed for transmission purposes.
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