Synthomer

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

Synthomer plc
TypePublic
LSE: SYNT
IndustryChemicals
Founded1863
HeadquartersLondon, England
Key people
Caroline Johnstone (Chair)
Michael Willome (CEO)
RevenueIncrease £2,383.9 million (2022)[1]
Decrease £162.5 million (2022)[1]
Decrease £(33.0) million (2022)[1]
Number of employees
5,000 (2023)[2]
Websitewww.synthomer.com

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]

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]

Operations

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

References
  1. "Annual Results 2022" (PDF). Synthomer. Retrieved 28 March 2023.
  2. "At a glance". Synthomer. Retrieved 18 February 2023.
  3. "Yule Catto - Company Structure Information from ICIS". icis.com. Retrieved 3 April 2015.
  4. Yule, Catto & Co AIM 25
  5. Jones, p.96
  6. "Yule Newsletter - Issue 23". yulefamily.com. Retrieved 3 April 2015.
  7. Jones, p.325
  8. Jones, p. 297
  9. Obituary: Lord Catto Daily Telegraph, 6 September 2001
  10. Interim Management Statement of Yule Catto & Co Plc for the period 1 July to 8 November 2012
  11. "Synthomer to buy Omnova in $824 million deal". 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.

Sources
  • Jones, Geoffrey (2007). Merchants to Multinationals. Oxford University Press. ISBN 978-0-19-829450-4.
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