Abstract
THE CLIMATE for making deals in the chemical industry warmed considerably last year compared with the recessionary chill of 2009. The dollar value of acquisitions jumped to $36 billion in 2010 from $25 billion the previous year, according to Young & Partners, an investment banking firm that provides acquisition, divestiture, and other services to chemical and life sciences firms. Even more striking, Young & Partners President Peter Young says, the number of deals valued at $25 million-plus soared to 64, more than double the 24 eked out by the industry in 2009. The end of that year marked the trough for valuations of chemical businesses, Young says, and prices have been rising steadily since. In 2010, nine deals worth more than $1 billion were completed, showing that the appetite for growth, rather than mere survival, had returned postrecession. In 2009, a year when only five transactions breached the $1 billion mark, the acquisitions of ...
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