Yule Catto completes sales negotiations with PolymerLatex
Yule Catto has acquired PolymerLatex in a deal worth €443 million.
British chemicals company Yule Catto has completed sales negotiations with rubber glove company PolyMerlatex in a deal that sees the UK firm acquire its German rival for €443 million (£376 million).
According to the Daily Telegraph, the firm expects the agreement to allow it to save £20 million in costs, while shareholders will be offered four extra shares for every three they are currently in possession of.
"The acquisition strengthens the group's position in Europe and Malaysia in the xSBR [latex-coated paper] market," noted analysts at Brewin Dolphin.
Chief executive of Yule Catto Andrew Whitfield stated the deal represents a good move for the business as PolymerLatex matches very well with its current operations.
This latest conclusion to sales negotiations comes after co-head of M&A for Emea at Bank of America Merrill Lynch Philip Noblet told Financial News that more UK companies may be inclined to enter business talks thanks to a change in sentiment.