Synthomer plc, formerly known as Yule Catto & Co, is a British-based chemicals business. It is listed on the London Stock Exchange.
 | |
| Company type | Public |
|---|---|
| LSE: SYNT | |
| Industry | Chemicals |
| Founded | 1863 |
| Headquarters | London, England |
Key people | Caroline Johnstone (Chair) Michael Willome (CEO) |
| Revenue |  £1,970.9 million (2023)[1] |
| £37.7 million (2023)[1] | |
| £(66.8) million (2023)[1] | |
Number of employees | 5,000 (2023)[2] |
| Website | www.synthomer.com |
History
editThe company traces its roots back to 1863, when Andrew Yule founded a trading house known as Andrew Yule & Co. in Calcutta.[3] At the same time Andrew's brother, George Yule, set up George Yule & Co. in London, which acted as British agency arm of Andrew Yule & Co.[4]
When in 1919 Andrew Yule & Co. and George Yule & Co. were sold to the US banking group J.P. Morgan & Co. and its British merchant banking affiliate Morgan Grenfell & Co., both were turned from a partnership into a private limited company.[5] That same year Thomas Catto (1879–1959) was sent to India to take over management of the firm from Sir David Yule (1858–1928), a nephew of Andrew Yule.[6] David Yule continued to hold the title of Chairman but had no active part in the operations of the business.[6]
In 1920, Thomas Catto and David Yule changed the name of the British purchasing arm of Andrew Yule & Co., George Yule and Company, to Yule, Catto & Company Ltd.[7] Due to increased taxation, the devaluation of the Indian rupee and the abolition of the managing agency system, Yule, Catto & Co. decided in 1969 to sell its shareholding in Andrew Yule & Co. to the Indian government.[8]
With the acquisition of Revertex Chemicals in 1980,[7] Thomas Catto's son, Stephen (1923–2001) started to turn Yule Catto & Co. into an international speciality chemicals and building products manufacturer.[9] Since 2007 the group has been transformed from a diversified chemical business to a focussed speciality polymer business. In 2012 the company changed its name to Synthomer on the basis that the majority of its business already traded under that name.[10]
In July 2019, Synthomer announced that it was going to buy OMNOVA Solutions for an enterprise value of $824 million;[11] the transaction was completed on 2 April 2020.[12]
In October 2021, Synthomer announced the acquisition of Eastman Chemical adhesive activities for $1 billion.[13] It included a former Hercules factory with 230 employees in Middelburg, the Netherlands, that produced about 80 different synthetic resins. They delivered, partly in 20 tonne bulk, to companies in over 70 countries.[14][15]
Operations
editThe company has three activities: polymer chemicals, pharma chemicals and impact chemicals.[3]
References
edit- ^ a b c "Annual Results 2023" (PDF). Synthomer. Retrieved 12 March 2024.
- ^ "At a glance". Synthomer. Retrieved 18 February 2023.
- ^ a b "Yule Catto - Company Structure Information from ICIS". icis.com. Retrieved 3 April 2015.
- ^ Yule, Catto & Co AIM 25
- ^ Jones, p.96
- ^ a b Jones, p.325
- ^ Jones, p. 297
- ^ Obituary: Lord Catto Daily Telegraph, 6 September 2001
- ^ Interim Management Statement of Yule Catto & Co Plc for the period 1 July to 8 November 2012
- ^ "Synthomer to buy Omnova in $824 million deal". July 3, 2019 – via www.reuters.com.
- ^ "Synthomer completes acquisition of Omnova". Rubber & Plastics News. April 3, 2020.
- ^ "Synthomer buys Eastman's adhesive resins unit for $1 bln". Reuters. 2021-10-28. Retrieved 2022-09-07.
- ^ "Chemiereus Synthomer neemt fabriek Eastman in Middelburg over". Provinciale Zeeuwse Courant (in Dutch). 2022-04-07. Retrieved 2024-11-07. Chemical giant Synthomer takes over Eastman factory in Middelburg.
- ^ "Fabriek Hercules spaart milieu, Ambassadrice VS opent nieuwe harsproductie-unit in Middelburg". Provinciale Zeeuwse Courant (in Dutch). 1999-04-23. Retrieved 2024-11-07 – via Krantenbank Zeeland. Factory Hercules saves the environment, US Ambassador opens new resin production unit in Middelburg.
Sources
edit- Jones, Geoffrey (2007). Merchants to Multinationals. Oxford University Press. ISBN 978-0-19-829450-4.