Adcuram acquires Hennecke from Bayer AG

01 April 2008

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Adcuram has acquired Hennecke GmbH with all subsidiaries including US offices, Shanghai operations and its share of a Japanese joint venture from Bayer AG in an auction run by Bayer M&A. Bayer divested the company as it saw better growth potential for the business under different ownership since it no longer belonged to Bayer's core competencies. There was no debt involved in the transaction. Existing cooperations and technology partnerships between both Bayer subgroup Bayer MaterialScience and Hennecke will be continued so as to ensure continuity for customers.

With its strong brand and technology and its international portfolio of clients, Hennecke was described as an excellent fit for Adcuram's technology portfolio. The solid business concept of Adcuram contributed to the investor winning the deal.

The investor plans to expand the business through comprehensive investments in research and development as well as innovations, boost international sales and service offerings, and participate more strongly in the growing PUR market. With its newly-won freedom, the company will expand its network of strategic and technological partnerships. Further acquisitions are targeted in the mid-term to acquire complementary technologies, expand into new industries, and to internationalise towards Eastern Europe and Asia.

Hennecke Group is headquartered in Sank Augustin and is a globally operating producer of polyurethane processing machinery and equipment. It is an international supplier in the slab foam, refrigeration application, sandwich panel, and molded building component sectors. With production sites in St Augustin, Pittsburgh, Singapore and Shanghai, the company employs approximately 500 people and posted sales of about EUR80m in 2006.

Dr Florian Meise and Thomas Probst led the transaction for Adcuram.