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January 28, 2014
05:35 EDTKRAKraton announces agreement to combine with SBC business of LCY Chemical
Kraton Performance announced that it has entered into a definitive agreement to combine with the styrenic block copolymer, or SBC, operations of Taiwan-based LCY Chemical Corp. The transaction will combine Kraton's broad product portfolio and innovation platform with LCY's cost-effective and innovative SBC operations and its proven record of driving growth in China and broader Asia. The combination agreement creates a $2B+ pro forma revenue industry leader, with significant scale, an improved manufacturing cost position and a diversified product portfolio offering that will benefit customers' growth and innovation requirements across all regions of the world and enables expected annual cost synergies of $65M on a run-rate basis, which are expected to be fully realized by 2017. The combination agreement is expected to be accretive to operating earnings by 75c-80c per share in the first full year of combined operations. The transaction is currently expected to close in Q4.
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