Arizona Chemical Holdings Corp., a privately held specialty chemicals company headquartered in Jacksonville and the Netherlands, agreed to a $1.37 billion buyout by Kraton Performance Polymers Inc.
Arizona Chemical manufactures products derived from pine wood pulping co-products.
Although its U.S. headquarters office is in Jacksonville, it has no manufacturing facilities in Northeast Florida.
The company’s U.S. manufacturing plants are in Panama City, Pensacola, Savannah and Dover, Ohio. It also has a science and technology center in Savannah.
Arizona Chemical has a total of nine manufacturing plants and three science and technology centers in the U.S. and Europe.
The company had revenue of $938 million last year, according to Kraton.
Arizona Chemical was sold by International Paper to private equity company Rhone Capital in 2007, and Rhone then sold a majority interest to another private equity firm, American Securities LLC, in 2010.
Kraton is a publicly traded company based in Houston that produces engineered polymers. It reported revenue of $1.2 billion last year. The company said in a news release Monday that Arizona Chemical is a good fit with its business.
“The fact that Kraton and Arizona Chemical have such a highly complementary market focus, coupled with a shared business philosophy fundamentally premised on product differentiation and portfolio shift to drive improved profitability, is what makes this such a compelling combination,” Kraton Chairman Dan Smith said in the release.
Kraton said it hopes to complete the acquisition late this year or in early 2016.