The transaction is scheduled for completion on August 31, 2005. No financial details were released.
Bayer MaterialScience will integrate PSI into BaySystems North America, retaining all 31of PSI’s employees, plus the company’s trademarks, buildings and facilities.
The transaction will also include the acquisition of Everest Coatings, a wholly owned subsidiary of PSI, which manufactures elastomeric acrylic coatings, polyurea systems, sealants and base coats.
“Through the acquisition of PSI, we are gaining direct access to the commercial roofing business and to other specialty markets,” said Jerry MacCleary, head of Marketing and Business Development within the Polyurethanes Business Unit of Bayer MaterialScience in
The polyurethane foam is produced through a chemical reaction between a polyol and a polyisocyanate with the addition of various additives. During the curing process, the polyurethane foam expands and forms a rigid foam layer of closed-cell foam, which can also insulate heat.