Furon and Norton Performance Plastics Form Saint-Gobain Performance Plastics
Saint-Gobain (Paris) has combined the operations of its wholly owned subsidiary, Norton Performance Plastics (Wayne, NJ), with recently acquired Furon Co. to create a new business unit, Saint-Gobain Performance Plastics. The company, which employs approximately 5400 people, is expected to have annualized sales of about $830 million, according to the company. The sale was completed at the end of October.
A source familiar with the company said that the merger stemmed from each company's desire to expand its geographic reach, with Furon looking to expand outside of the United States, and Norton, which already maintains a presence in Europe and Asia, wanting to further grow its business. The combined company, which manufactures engineered plastic products including fluoropolymers, silicones, and high-temperature thermoplastics, is now the world's largest processor of high-performance polymers, according to Robert C. Ayotte, chairman and CEO of the new unit.David Bowen