Sovereign Specialty Chemicals acquired by Henkel

Sovereign Specialty Chemicals has been acquired by Henkel Corporation, a US affiliate of Henkel KgaA. The transaction value of the acquisition is approximately $575 million.
Sovereign Specialty Chemicals employs about 900 people worldwide and its product range encompasses technologically sophisticated adhesives, sealants and coating materials for various industrial applications as well as for the craftsmen and DIY market segment.
"The acquisition of Sovereign Specialty Chemicals provides Henkel in North America with a substantial and growing business in the craftsmen and DIY adhesives and sealants market and complements the industrial segment in an ideal way. We now hold a strong number two position in both segments in the US market", says Ulrich Lehner, Chairman of the Management Board of Henkel KGaA. "With the successful completion of all acquisitions made in 2004, the Henkel Group will generate about 25 percent of its sales in the USA."