Covalence Launched as Private Company

Published: March 05, 2006, By pffc-online.com

PRESS RELEASE

PRINCETON, NJ—Apollo Management has purchased Covalence in a $975 million transaction and launched the new independent, private company as Covalence Specialty Materials Corp. Terry A. Sutter, former president of the predecessor business, Tyco Plastics & Adhesives, and former president of the Specialty Chemical Div. of Cytec Industries, has been named president and CEO.

According to Sutter, the new name was chosen specifically to underscore Covalences' mandate. "Covalence means a shared bond and is representative of the relations we have with our customers, suppliers, employees, and investors," he says. "Specialty Materials signifies the broad product line and array of technologies we utilize every day."

He added, "As a stand-alone business with strong financial backing and an aggressive entrepreneurial spirit, we have been presented with a unique opportunity to further expand Covalence's rich product mix and to broaden the market we serve. Our objective is to be innovative, but also to build a solid, financially secure business of broad stature and sustainable growth."

For more information, visit covacorp.com.