Hanwha Living & Creative Corp. (Forest, Va.) announced on Nov. 20 that it has finalized the acquisition of AZDEL Inc. (Lynchburg, Va.), a 50/50 joint venture of SABIC Innovative Plastics (formerly GE Plastics, Pittsfield, Mass.) and PPG Industries (Pittsburgh, Pa.). The acquisition of AZDEL will allow Hanwha to expand its offering of composite and advanced material solutions for the transportation and industrial segments. Terms were not disclosed.
AZDEL makes high-performance thermoplastic composites for interior and exterior applications in several markets, including automotive, heavy truck, recreational vehicles, industrial, and other transportation applications.
"We're thrilled to add this leading brand to our world-class portfolio of products,"said Woong Jin Choi, CEO of Hanwha. "The acquisition of AZDEL is another step along our path for global expansion and will position us as a premier supplier of composite and high performance material solutions to the transportation and industrial segments.â€
Hee-Cheul Kim, who currently serves as the vice president, Auto & Industrial Material Div., has been named the CEO for AZDEL. Melanie Cook, currently AZDEL president, will remain in her role. AZDEL will continue to operate with its headquarters in Lynchburg, Va., and sell its products under the AZDEL brand.
Going forward, AZDEL has entered into a long-term strategic supply arrangement with SABIC Innovative Plastics and PPG Industries, whereas SABIC Innovative Plastics will supply thermoplastic resins to AZDEL and will continue to work with AZDEL through a joint development agreement to bring new innovative products to the industry. In the same way, PPG will continue to supply fiberglass reinforcement materials to AZDEL under a long-term supply agreement.