Materia, a supplier of high performance catalysts and advanced polymers, has entered into an agreement to divest its catalyst business to Umicore, a global materials technology and recycling company headquartered in Brussels, Belgium.
Materia will focus solely on its growing Proxima resins business which leverages Grubbs Catalyst technology to produce high performance thermoset resins that are formulated to meet customer needs in demanding applications.
"This is an ideal complement to Umicore's portfolio and enables Materia to concentrate on the growth of its resins business," said Materia CEO Nitin Apte.
"Materia has a proud history of leading innovation, and the Grubbs Catalyst technology has transformed the landscape of synthetic chemistry. Our Proxima resins business is growing in market applications ranging from oil and gas exploration and production, electronics packaging, advanced composites and a variety of industrial applications that require a balance of performance and cost."
Materia will have a long-term mutually exclusive supply agreement for catalysts for use in resins applications.
Umicore will acquire Materia's exclusive metathesis catalyst intellectual property portfolio and will serve customers purchasing these catalysts.
The transaction is expected to be completed in January, 2018.