Synthomer PLC has sold its latex compounding operations to Belgian company Matco NV. The company produced latex-based compounds and curing additives used in synthetic turf.

Matco NV is known for its expertise in compounds, water-based adhesives, and solutions catering to diverse industrial applications.

Back in October 2022 Synthomer already announced that its Compounds business, which is part of its Health & Protection and Performance Materials division, was designated as non-core as part of its strategy update.

In 2023, the Compounds business generated adjusted earnings before interest, tax, depreciation and amortisation of EUR4.8 million. It had gross assets of EUR56 million at the end of the year.

It is believed that Matco NV acquired the business for EUR27.5 million.

Synthomer expects to complete the sale over the next month, with the proceeds to be used to reduce the company’s net debt.

Chief Executive Michael Willome said: “This divestment is consistent with our strategy to increase the specialty weighting of the group, reduce the complexity of our site portfolio and enhance our focus on higher value, higher growth markets where we have strong and sustainable leadership positions.”