ChemConnect, which operates an online marketplace for chemicals and plastics, has signed a definitive agreement to acquire CheMatch, an Internet exchange for bulk commodity chemicals, polymers, feedstocks, and fuel products.
The companies together handled more than $4 billion in transactions in 2001. Now, all those transactions will flow through one company.
In addition to the acquisition of CheMatch, ChemConnect will offer a range of e-commerce solutions, including the Exchange Floor, online auctions, a commodity spot and futures exchange, and an electronic communications hub for the automated transfer of transaction data.
John Robinson will serve as CEO of the combined company, which will be called ChemConnect. Corporate headquarters will move from San Francisco, California to Houston, Texas.
It is expected that the acquisition, which has been approved by the Boards of both companies, will complete the shareholder and regulatory approval processes by the end of February 2002.