Presentation - Synthomer

68
Being part of all our lives

Transcript of Presentation - Synthomer

Being part of all our lives

www.synthomer.com

Presentation Overview

• Yule Catto - key themes (slide 3) • Yule Catto - the Synthomer Polymers business (slide 4) • Synthomer - an introduction (slides 5-20) • Integration – synergy update (slides 21-24) • Synthomer - products and markets (slides 25-34) • Synthomer – profitable growth in Asian (slides 35-49) • Synthomer – product development (slides 50-X) • Synthomer – operational excellence (slides X-X)

Being part of all our lives

Key Themes • Continued strong progression in Group profitability • Group clearly focused on Polymers • The acquisition of PolymerLatex will drive medium term

profitability improvement from commercial integration and cost synergies

• Significant and increasing exposure to high growth emerging markets

• Geographic balance and market leadership positions create good growth dynamics

• Strong balance sheet

3

Being part of all our lives

SYNTHOMER – the Polymer Chemical business of Yule Catto Europe & North America Asia & ROW 56% of Group turnover 39% of Group turnover 13 manufacturing plants 8 manufacturing plants • Water based polymers used in a diverse

range of applications including: • Protective gloves • Adhesives • Paints • Carpets • Varnishes and lacquers • Paper

• Speciality chemicals including Lithenes,

Polyvinyl Alcohol and Poly Chloroprene for applications such as:

• Regulation of PVC manufacture • Motor industry sealants

Yule Catto – Dominated by Polymer Chemicals

Pharma Chemicals - 5% of Group turnover • Manufacture of Active Pharmaceutical Ingredients for both generic and ethical drug manufacture

4

www.synthomer.com

Introduction to Synthomer – Yule Catto’s Polymer business

www.synthomer.com

Overview of Synthomer

Construction & Coatings

23.1%

Health & Protection

22.0%Carpet & Foam

19.1%

Paper14.7%

Functional Polymers

14.4%

Performance Polymers

6.7%

West Europe 55%

Asia 27%

East Europe and ROW

4%

South Africa and Middle

East10%

Americas4%

Sales by Product Sales by Destination Sales by Business Unit

H1 2011 Sales £664.3 million (Underlying Pro-forma Basis)

Compounds5%

Dispersions23%

Latex50%

Specialities22%

Nitrile37%

SBR63%

6

www.synthomer.com

Scale & Scope of Synthomer - Aqueous Emulsion Polymers and Speciality Chemicals Producer - Sales H1 2011 £664.3 million (Pro-forma Basis) - 1.3 Million wet tonnes per annum - 34 production & toll units globally - 1,900 people

- Strong heritage from our Parent Companies - Lattices [Styrene Butadiene (XSBR) & Acrylonitrile Butadiene (XNBR)] - Dispersions [Acrylic Polymers & Vinylic Homo/Co Polymers] - Specialities [Liquid Polybutadiene & Polyvinyl Alcohol]

- Health & Protection (22%) - Coatings & Construction (23%) - Carpet & Foam (19%) - Paper (15%) - Functional Polymer (14%) - Performance Polymer (7%)

Our Business

Our Technology

Our

Markets

7

www.synthomer.com

Key Facets of the Aqueous Emulsion Polymers Business

• 50% Water

− Logistics costs rapidly become a significant proportion of total cost. − Need to manufacture close to customers − “In Built” defence mechanism to “Out of Region” competitors.

• We don’t sell a chemical – We sell a formulation

− Intimate knowledge of customers products/production process. − Significant technical service element to sales. − Deep “know how” required.

8

www.synthomer.com

Emulsion Polymers Market Acrylic

Dispersions35%

Vinyl Dispersions

27%

Lattices35%

Others3% Global Emulsion Polymers Market

17.5 Million Tonnes (wet)

€18 Billion Value

Europe – 29% Americas – 31% Asia – 36% ROW – 4%

9

www.synthomer.com

Company Products

SBR NBR HSSBR Acrylics Vinylics

Synthomer (Global)

BASF (Global)

Dow (Global)

Trinseo/Styron(Global)

Celanese (Global)

Kumho (Asia)

LG ( Asia)

Optimised offer to the customer - the right product for the right application

10

Broad Product Offering

www.synthomer.com

Synthomer’s Strategy In Europe • Create a strong, defendable and highly cash generative

business by:

• Market leading product range as a result of intimate knowledge of our customers requirements and a highly capable R&D resource

• Operating highly efficient “State of the art” production facilities which are well

located for access to customers and raw materials • Use these products and processes to create strong market positions that

deliver growth and defend unit margins through the cycle

11

www.synthomer.com

Synthomer’s Strategy

In Asia and other developing economies

• Grow strongly in existing and new business locations:

• Using the cash generated in Europe to finance growth both organically and through “Bolt on”

acquisitions • Use our market leading products and production processes to build strong and lasting

relationships with Asian regional customers and expand our relationships with Global multi-nationals

• Utilise our existing management infra-structure in the region

Consistent EBIT growth of 5% per annum

12

www.synthomer.com

Strategic Priorities Task Key Actions Status

• Achieve integration synergies of at least £20m

• Detailed implementation plans

• Annualised run rate after 3 months - £4m • Confident of achieving target

• Increase exposure to “High Growth” economies

• €25m expansion in Pasir Gudang to provide further NBR and SBR capacity • “Bolt on” acquisitions and “Greenfield” investments

• Main plant items on order • Completion target of Q3 2012 • Ongoing review of options

13

www.synthomer.com

Strategic Priorities Task Key Actions Status

• Innovation • Global head of R&D • Centres of excellence in key markets • Prioritised list of developments by key markets

• New organisation fully implemented • Resources consolidated into state of the art facilities in Marl, Harlow and Kluang

• High quality, cost effective production

• Quality focus • Continue to drive production/process efficiencies • Targeted investments in production capacity

• Global production function • Continuous improvement targets set • £20m to be invested in optimising production

14

www.synthomer.com

The Global Emulsion Polymers Business

CAGR +3.9%

Asia ~ 8%

NAM ~1%

Europe ~1%

ROW ~6%

Global Emulsion Polymers Market 17.5 Million Tonnes (wet) €18 Billion Value

15

www.synthomer.com

Sant Celoni Uquifa SA

Lliçà de Vall Uquifa SA

Filago

Marl (2 plants) Dormagen (Tolling)

Synthomer World Map

Dammam Synthomer Middle East Company (JV)

Durban Revertex Chemicals (Pty) Ltd

Batley Synthomer Ltd

Ossett Synthomer Ltd

Accrington William Blythe Ltd

Harlow Synthomer Ltd

Stallingborough Synthomer Ltd

Langelsheim Synthomer GmbH

Oss Synthomer BV

Hasselt Synthomer BV

Mouscron Synthomer SA

Oulu, Finland (JV)

Worms

Johor Bahru Malaysia

Ho Chi Minh City Synthomer Vietnam Co. Ltd

Kluang Revertex (Malaysia) & Synthomer Sdn Bhd

Filago

Dormagen (Tolling) Marl (2 plants)

Dubai UAE (Tolling)

16

www.synthomer.com

Synthomer Has Strong Market Positions both Globally and Regionally

In Europe Top 5 suppliers represent 80% of the market BUT

In Asia Top 5 suppliers represent ONLY 25% of the market

#1 - Global NBR

- Global HSSBR

- MEA Dispersions

- SEA Dispersions

#2 - European SBR

#3 - European Dispersions

Synthomer is #2 Emulsion Polymers producer in Europe

17

www.synthomer.com

Synthomer Vision - TOP 5 Global Emulsion Polymer supplier - Very strong position in Europe - Solid base in S E Asia for continued expansion - Excellent products and production processes

- No 1 or 2 in target markets - > 50 % sales from high growth emerging markets - Consistent EBIT growth 5 % p.a.

Today

Vision 2015

Values

- We create value for our customers - We care about our employees and our neighbours - We are responsible for minimising our impact on the environment - We deliver for our shareholders

18

www.synthomer.com

Polymers Profit Development (2006-2011)

37.0 38.3 41.0

53.7 60.2

18.1 18.4 21.7

25.4 30.8

64.8

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011

Full Year H1 (2011 pro-forma)

EBIT £’M

New segmentation basis. History excludes Finewaters – sold in 2010 19

www.synthomer.com

Key Factors for Synthomer’s Profitable Growth • Access to multiple Polymer technologies • Differentially managed product portfolio • Commercial toughness & value selling

• Access to Asian & Emerging Markets • Manufacturing close to customers • Proximity to suppliers • Cost effective production • Flexible and effective organisation • Fast & Commercially Focussed R&D

• Customer understanding & relationships • Applications Technology & understanding • Highly experienced & expert personnel

The Right Knowledge

The Right Choice

The Right Product

The Right Locations

The Right Processes

www.synthomer.com

PolymerLatex Acquisition Status Update

www.synthomer.com

Acquisition Drivers • Excellent strategic fit

− Complementary products/market positions − Well invested and located facilities in Europe and Asia − Similar but slightly stronger margins than Synthomer’s through the cycle − Accelerates Synthomer’s Asian expansion plans

• Attractive returns and growth opportunities − Annual “hard” cost synergies of at least £20m − Earnings accretive in first 12 months of ownership − Improved cash flow to invest in organic growth particularly in

“Developing” markets

22

www.synthomer.com

Synergy Update • New organisation in place and operating successfully • Numerous projects running to improve operational and commercial

efficiency • Highly confident of at least £20m of “hard” synergies • Anticipate £20m delivered in the second twelve months of ownership as

announced at the time of the acquisition • Annualised run rate on £4m p.a. At the end of Q2 – three months post

completion • Costs of delivery still expected to be in line with the original announcement

- £20m cash costs and £23m capex

23

www.synthomer.com

Synthomer’s Key Growth Drivers

• Delivering the benefits from the PolymerLatex acquisition • Excellent products and market positions • High percentage of current sales to Asia and other high growth economies • Established strategy of growing around existing hubs, particularly in developing

economies • New product development pipeline

24

www.synthomer.com

Products and Markets Highly fragmented, highly specialised

www.synthomer.com 4

• Industry focused

• Strategy formulated globally, executed regionally

• Differential management according to segment

• Transfer of best practice and expert knowledge

• Cross-regional leverage

• Close alignment with R&D

Construction & Coatings

Health & Protection

Carpet, Compounds

& Foam

Paper

Functional Polymers

Performance Polymers

Six global Strategic Business Units focused on user industries

www.synthomer.com

Construction & Coatings

Functional Polymers

Paper Carpet & Foam

Performance Polymers

Health & Protection

SBR Latex

Nitrile Latex

Acrylic/ Vinylic

Speciality Latex

Speciality Resins

A wide range of polymers to a wide range of end uses

www.synthomer.com

Product Line

Type Size (€m)

End-uses Overview Our Position Competitors

Synthetic Latex

XSBR > €3bn Coated Paper, Carpet, Construction, Textiles

Regional, (some niches), High entry barrier

#1 EMEA Niche in Asia/Nam

Styron, BASF

HS-SBR <€0.5bn Bedding, Carpet, Asphalt Global, High entry barrier #1 Global

Polimeri, BASF

Nitrile ,<€1bn Gloves, Medical Devices Global (but 95% Asia), High Growth

#1 Global Nantex, Nippon Zeon, Kumho. LG

Dispersions Acrylic >€3bn Paint, Adhesives, Construction, Textiles, Paper

Regional, Speciality #3 EU, #1 ME, #1 SEA

BASF, Dow, Arkema

Vinylic >€3bn Regional #4 EU, #1 ME

Celanese, Wacker, Vinavil

Speciality Latex

Lipren® Adhesives, Gloves, Textiles

Global, Speciality #2 EU and N Am Lanxess, DuPont

Pyratex® <€0.5bn Tyres Global, Speciality #2 EU Omnova

Speciality Resins

Alcotex® <€0,5bn PVC Manufacture Global, Speciality #1 Global Kuraray, Nippon Gohsei

Lithene® <€0.5bn Sealants, Encapsulants, Rubber, Coatings

Global, Speciality #2 EU Evonik

#1 or 2 in most targeted segments or regions

www.synthomer.com

Overview Over 5 mio tonnes of polymer dispersions and redispersible powders worldwide. Multi-product, multi-market Architectural and industrial paints, mortars, sealants, tile adhesives, waterproofing, insulation, flooring, bitumen Massive and fragmented, full spectrum from volume to niche, mainly regional (but some major MNCs), GDP + in Asia as markets become more sophisticated

Construction & Coatings is a major engine of growth worldwide

www.synthomer.com

Overview 1 million tonnes in Europe, estimated 3 million worldwide Industrial textiles & papers, nonwoven fabrics, glassfibre, leather finishing, textile printing, packaging, wood and graphic adhesives, tyre cord adhesive, impact modifiers Highly fragmented, very diverse, largely speciality, a few MNCs but primarily SMEs. Segmentation is critical. Application technology transferable globally

Functional Polymers boasts a rich portfolio of speciality niches

www.synthomer.com

Overview Europe – 1.25 mio tonnes Coated paper & board for advertising, magazines, packaging Technically demanding, high barrier to entry, consolidating customer base

Paper highly cash-generative in Europe with excellent growth opportunities in Asia

www.synthomer.com

Overview Carpet – 340kt in Europe/M East Moulded Foam 120kt worldwide Textile Floorcoverings, Synthetic Turf, Mattresses Stable in EU/N Am, growth in M East (Carpet) and Asia (Foam), High entry barrier in High Solids SBR for Foam

Carpet & Foam highly cash-generative with growth opportunity in Middle East

www.synthomer.com

Overview 100k tonnes worldwide PVC polymerisation, polyester composite (transport and construction), automotive sealants, electrical encapsulation, rubber modification, flooring adhesives, glazing sealants, printing plates……. True speciality, global, multiple end uses Distinct product lines with common market approach

Performance Polymers high performing global niches

www.synthomer.com

Overview 550k tonnes worldwide, 95% in Asia Thin film nitrile gloves for medical and general hand protection, cleanrooms. Industrial nitrile gloves. Medical devices, condoms. Technically demanding, 15% pa growth also driven by allergy issues with natural latex

Health & Protection enjoys high growth and global leadership

www.synthomer.com

Profitable Growth in Asia

www.synthomer.com

Asia – Geared for Growth

Population Million GDP Thousand USD

~7%

GDP growth rates 2010

~9% ~10%

www.synthomer.com

Synthomer Presence in Asia

www.synthomer.com

Key Product Groups and Market Positions

Product Group Applications Market Position

Growth Indication

(PA)

Health & Protection

Disposable and industrial gloves, medical products, condoms

Global No. 1

10 -15%

Coatings & Construction

Decorative paints, adhesives and building products

South East Asia No. 1

+6%

Performance Polymers

PVC additives Asia No. 1

(Excl Japan)

6-8%

www.synthomer.com

Health & Protection

Nitrile Latex

www.synthomer.com

Glove Market at a Glance

STRONG GROWTH MOMENTUM • Worldwide glove market expected to

grow at least 8% • Worldwide synthetic nitrile glove

market expected to grow at 10 - 15%

• South East Asia is the world’s leading producer of rubber gloves with a >85% market share

• South East Asia is also the world’s leading producer of nitrile gloves with a >85% market share

Geographical Distribution of Glove Production

www.synthomer.com

Nitrile Glove Market STRONG GROWTH MOMENTUM

• Nitrile glove sector has experienced huge growth in US

and Europe

• Natural Latex is being replaced on fears of allergic reactions. Some US hospitals have already banned the use of natural latex.

• Safeskin, the largest supplier of gloves to the US market have publicly abandoned natural latex gloves

• Thinner nitrile gloves are now competing with vinyl

gloves in food applications • Topglove, the largest glove producer in the world, target

a capacity mix of 50%NR: 50%SR (current 87% NR: 13% SR)

www.synthomer.com

US Market for Medical Gloves

Source: Major US Customer

Mill

ion

$

Nitrile Gloves CAGR 22%

Vinyl Gloves CAGR 10%

Natural Latex Gloves CAGR 0%

www.synthomer.com

Sustainable high growth rates

Source: Malaysia Rubber Export Council

• USA and EU27 with only

11% of world population consumed 68% of global glove usage

• Other regions with 89% of

world population consumed only 32% of global glove usage

www.synthomer.com

Global leaders in Nitrile Latex • The demand for Nitrile Latex is growing by 10-15% per year and this is forecast to continue for

the foreseeable future

• Nitrile gloves are taking share from natural and vinyl gloves

• The market for glove production is centred in South East Asia, with >85% share of the global disposable glove market

• Synthomer is the only supplier with Nitrile Latex plants located in South East Asia

• Our customer relationships and differentiated products have established a strong global no. 1 position, with 40% market share.

• Innovation is core to Synthomer – latex for accelerator free gloves – Enhanced protection

www.synthomer.com

Coatings & Construction

Water Based Dispersions

www.synthomer.com

The Asian Paints Market

0

200

400

600

800

1000

1200

1400

1600

0

5

10

15

20

25

Indonesia India Vietnam Philippines China Thailand Malaysia Japan South Korea

Singapore

Pain

t Con

sum

ptio

n (li

tre/

head

)

Paint Consumption (litre/head) vs Population (millions)

Paint Consumption (litre/head) Population (millions)

Source: IRL

www.synthomer.com

The Asian Paints Market

Source: IRL

SOUTH KOREA

JAPAN

www.synthomer.com

Water-Based Dispersions

• Close customer relationships and a strong product portfolio allow us to achieve high market share in our local markets: – >50% in Malaysia & Singapore – >15% after only 3 years in Vietnam

• Technology capability will lead to a strengthening of our product offer with

opportunities to improve earnings

• Strong customer relationships will be leveraged to benefit from their geographic expansion

• We already sell to 8 of the top 10 global paint companies in Asia

www.synthomer.com

Summary

• Target is 50% of sales from Asia and emerging markets in three years

• Already established a strong number 1 position in high growth markets

• Sustainable competitive advantage, with healthy innovation pipelines

• Well developed plans for growth by organic investment and bolt-on acquisitions

• Trading Company now established in China to accelerate our growth plans there

• Strong management team who have already delivered substantial growth

www.synthomer.com

Operational Excellence in Synthomer

www.synthomer.com

Operations – Leading technology, well positioned geographically

Merging the production networks and technology will deliver synergies

Production network matched to multiple product strategy

Broad geographical coverage

Leading process and product technology

Best practice globally deployed

Highest standards in Health, Safety, Environmental Compliance and Quality

www.synthomer.com

Network Optimisation provides synergies

Production network synergies

Expansion in Asia by using complementary strength in technology Capitalise on strong

market and technology positions

Competitive network • Highly flexible • In the right region • Close to customers

- Low freight costs - Fast response time

• Close to raw material suppliers - Low freight costs - High availability - Integrated sites

Optimisation Strategy • Consolidation in Europe • Expansion in Asia • Leverage of complementary technology

– Conversion and cycle times – Yield improvement

• Complexity reduction in raw material and finished products

Consolidation in Europe by depletion of overlaps and creating of economy of scale

www.synthomer.com

Production network with well-balanced mix of capabilities to serve the markets

Flexible plants aligned to multiple product strategy enabling – diversification – fast reaction to changing

requirements

Well-balanced mix of capacities – cost leadership positions in

plants of global production scale

– highly flexible mid-sized plants for smaller product groups

Effectively managed network -“one large virtual plant” - Select cost-optimal plant based

on raw material cost position and logistics

- ensure supply by approving more than one plant

Europe Latex • 6 plants • 4 countries

Europe Dispersions • 5 plants • 4 countries

MEA Dispersions • 3 plants • 3 countries

Asia Latex • 2 plants • Malaysia

Asia Dispersions • 2 plants • 2 countries

Perf.Polym., Comp. • 9 plants • 5 countries

Nitrile HS-SBR XSBR Acrylics Production sites VAc(Co) Others

www.synthomer.com

European geographical coverage ensures competitive supply chain

• Freight optimisation crucial for minimisation of total product cost

• Excellent geographic reach across North/South axis

• Plants in proximity to key customer concentrations

Northern European market

Western and Central European market

Southern European market

www.synthomer.com

Asian geographical coverage ensures proximity to key markets and customers

Malaysia as a hub to Asia

•Two world scale latex facilities

- Nitrile-latex in the centre of a booming glove industry - option to deliver SBR-latex to SEA and China

•Acrylics plants to participate on fast growing paints and construction industry

Vietnam will further strengthen presence in SEA

•Acrylic plant to continue serving markets with plants close to customer needs

www.synthomer.com

Leading process technology based on specific know-how

Reactor technology

External seed

Direct feeding

Direct upscaling

Specific know-how

Competitive advantages

Constant product quality

High innovation potential

Low process

costs

Fast time to market

World scale reactors Multiple reactor geometry

and technology for XSBR, Acrylics/VAc and XNBR

Long-life productive assets in stainless steel and glass lined reactors

Best-in-class cycle

Reactor technology

Note: XSBR: Carboxylated Styrene Butadiene Rubber, XNBR: Carboxylated (Acrylo-) Nitrile Butadiene Rubber;

www.synthomer.com

Initi

ator

C

hain

TA

Stab

ilize

rs

Mon

omer

s

Water

Raw Materials

Process & Technology know-how deployed production

W

Mixer

Polymerization

Reactor

QA Lab Loading Bay

1 m³ Container Drums

Road Tanker & Flexibag Container

Control Room

Degassing

Cooler

Steam

Waste Water Treatment

Air Treatment

Splitter

Stripper

Prod

uct L

atex

Storage

Storage tank

Latex

www.synthomer.com

Process & Technology know-how deployed production

Initi

ator

C

hain

TA

Stab

ilize

rs

Mon

omer

s Water

Raw Materials

W

Mixer

Polymerization

Reactor

QA Lab Loading Bay

1 m³ Container Drums

Road Tanker & Flexibag Container

Control Room

Degassing

Cooler

Steam

Waste Water Treatment

Air Treatment

Splitter

Stripper

Prod

uct L

atex

Storage

Storage tank

Latex

Quality & Consistency

Reactor Technology

Recipe know how

Low VOC

Flexibility in customer

supply

Automation

www.synthomer.com

HSEQ-Management worldwide according to highest International standards

Best-in-class standards implemented – Safety: German /UK

chemical industry

– Environmental: EMAS II / III or ISO 14001:2004

– Quality: ISO 9001:2008 standard

Strong position on REACH & regulatory compliance

Globally operated management systems worldwide to guarantee to meet HSEQ and compliance policy - annually reviewed

www.synthomer.com

Sustainable Profitable Growth through outstanding Innovation

www.synthomer.com

Value Added Formulating Components in Performance Applications

www.synthomer.com

Market Driven Innovation Generating Long Term Growth

• Responding to global megatrends – e.g., sustainability, urbanisation, energy efficiency, hygiene

• Targeted innovation in high growth segments

• Global co-ordination

• Highly networked organisation

– Internal and external

• Efficiently managed for fast delivery and high commercial impact

www.synthomer.com

Global R&D Organisation • Centres of Excellence

– Marl, Germany – Harlow, UK – Kluang, Malaysia

• Over 100 R&D Staff – Leadership team with 100+ years experience

and strong track record of delivery – 20% of staff with PhD

• R&D co-located with applications and commercial teams

• Well invested state of the art facilities

www.synthomer.com

Polymerisation process know-how is core to innovation success

64

~ 20 process Parameters determine product properties • Direct monomers feed • Activator feed • Emulsifier, modifier feed • Temperature profile • Cooling • Stirring • Base • pH/buffer • Pressure • Process mode • Other

Process parameters Lab polymerisation

Monomers Water

Others

• Styrene • Butadiene • Acrylate • Other

Test lab reactor

3 to 15kg

New latex particle

~ 20 end use properties • Binding power • Rheology • Cross-linking • Glass transition

temperature • Surface groups • Mottling • VOCs • Printability • Opacity • UV-stability • Adhesion • Other

Product properties

Illustrative latex research and development parameters

www.synthomer.com

Technology leadership in fast paced glove dipping market

• Rapid evolution of customer needs – Natural latex type feel – Low residual chemicals – Double dipping process

• Advanced nitrile latex systems

– “Soft & strong” grades – Proprietary self cross-linking technology – Tailored film formation systems

• 45% of nitrile dipping sales from products

launched in last 3 years and #1 global position

www.synthomer.com

Responding to megatrends in global coatings market

• Green coatings systems • Low or no solvents • Free of harmful components • Cool roof technology

• Strong growth in Asia and MEA • Speed to market

• Dispersions technology in new applications • Direct to metal coatings • Elastomeric roof and wall coatings • Solvent free trim paints

• Over 20 coatings products launched globally in last 3 years

www.synthomer.com

Innovation in growing speciality pressure sensitive adhesives segment

• Diversification of applications • New substrates, e.g., metals, plastic • Thermal and water resistance • Environmental standards

• Acrylic technology • High solids systems • Balance of cohesion and adhesion • Low volatile organic solvent

• Recent product launches • Building insulation systems • Protective films, e.g., for electronic screens • Removable labels

• ̴20% of PSA sales from products launched in last 3 years and strong #2 position in Europe

www.synthomer.com

Delivering growth through technology development and product innovation

• Dynamic global organisation with extensive innovation network

• State of the art equipment and high calibre staff

• Excellent core technology with next generation platforms under development

• Effective management of the product development pipeline

• Strong track record of delivering commercially successful formulating solutions