Synthomer

Last updated
Synthomer plc
Company type Public
LSE:  SYNT
Industry Chemicals
Founded1863
Headquarters London, England
Key people
Caroline Johnstone (Chair)
Michael Willome (CEO)
RevenueIncrease2.svg £1,986.8 million (2024) [1]
Increase2.svg £50.4 million (2024) [1]
Increase2.svg £(66.7) million (2024) [1]
Number of employees
5,000 (2023) [2]
Website www.synthomer.com

Synthomer plc, formerly known as Yule Catto & Co, is a British-based chemicals business. It is listed on the London Stock Exchange.

Contents

History

The company traces its roots back to 1863, when Andrew Yule founded a trading house known as Andrew Yule & Co. in Calcutta. [3] At the same time Andrew's brother, George Yule, set up George Yule & Co. in London, which acted as British agency arm of Andrew Yule & Co. [4]

When in 1919 Andrew Yule & Co. and George Yule & Co. were sold to the US banking group J.P. Morgan & Co. and its British merchant banking affiliate Morgan Grenfell & Co., both were turned from a partnership into a private limited company. [5] That same year Thomas Catto (1879–1959) was sent to India to take over management of the firm from Sir David Yule (1858–1928), a nephew of Andrew Yule. [6] David Yule continued to hold the title of Chairman but had no active part in the operations of the business. [6]

In 1920, Thomas Catto and David Yule changed the name of the British purchasing arm of Andrew Yule & Co., George Yule and Company, to Yule, Catto & Company Ltd. [7] Due to increased taxation, the devaluation of the Indian rupee and the abolition of the managing agency system, Yule, Catto & Co. decided in 1969 to sell its shareholding in Andrew Yule & Co. to the Indian government. [8]

With the acquisition of Revertex Chemicals in 1980, [7] Thomas Catto's son, Stephen (1923–2001) started to turn Yule Catto & Co. into an international speciality chemicals and building products manufacturer. [9] Since 2007 the group has been transformed from a diversified chemical business to a focussed speciality polymer business. In 2012 the company changed its name to Synthomer on the basis that the majority of its business already traded under that name. [10]

Synthomer building in Beachwood, Ohio. Formerly OMNOVA OMNOVA-Synthomer thumbnail IMG 1537.jpg
Synthomer building in Beachwood, Ohio. Formerly OMNOVA

In July 2019, Synthomer announced that it was going to buy OMNOVA Solutions for an enterprise value of $824 million; [11] the transaction was completed on 2 April 2020. [12]

In October 2021, Synthomer announced the acquisition of Eastman Chemical adhesive activities for $1 billion. [13] It included a former Hercules factory with 230 employees in Middelburg, the Netherlands, that produced about 80 different synthetic resins. They delivered, partly in 20 tonne bulk, to companies in over 70 countries. [14] [15]

Operations

The company has three activities: polymer chemicals, pharma chemicals and impact chemicals. [3]

References

  1. 1 2 3 "Annual Results 2024" (PDF). Synthomer. Retrieved 11 March 2025.
  2. "At a glance". Synthomer. Retrieved 18 February 2023.
  3. 1 2 "Yule Catto - Company Structure Information from ICIS". icis.com. Retrieved 3 April 2015.
  4. Yule, Catto & Co AIM 25
  5. Jones, p.96
  6. 1 2 "Yule Newsletter - Issue 23". yulefamily.com. Retrieved 3 April 2015.
  7. 1 2 Jones, p.325
  8. Jones, p. 297
  9. Obituary: Lord Catto Daily Telegraph, 6 September 2001
  10. "Yule Catto changes name to Synthomer". Rubber Journal Asia. 17 December 2012. Retrieved 26 December 2024.
  11. "Synthomer to buy Omnova in $824 million deal". U.S. July 3, 2019 via www.reuters.com.
  12. "Synthomer completes acquisition of Omnova". Rubber & Plastics News. April 3, 2020.
  13. "Synthomer buys Eastman's adhesive resins unit for $1 bln". Reuters. 2021-10-28. Retrieved 2022-09-07.
  14. "Chemiereus Synthomer neemt fabriek Eastman in Middelburg over". Provinciale Zeeuwse Courant (in Dutch). 2022-04-07. Retrieved 2024-11-07. Chemical giant Synthomer takes over Eastman factory in Middelburg.
  15. "Fabriek Hercules spaart milieu, Ambassadrice VS opent nieuwe harsproductie-unit in Middelburg". Provinciale Zeeuwse Courant (in Dutch). 1999-04-23. Retrieved 2024-11-07 via Krantenbank Zeeland. Factory Hercules saves the environment, US Ambassador opens new resin production unit in Middelburg.

Sources