CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
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CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
CHEMICALS AND SPECIALTY MATERIALS INDUSTRY UPDATE
CONTENTS
INTRODUCTION
Harris Williams & Co. is pleased to present its chemicals and specialty materials
industry update for June 2015. This report provides commentary and analysis on
current market trends and merger and acquisition dynamics within the global
chemicals and specialty materials industry.
With favorable fundamentals and supportive debt and equity capital markets, we
expect M&A activity in the chemicals and specialty materials market to remain
strong throughout 2015. Both strategic and financial buyers are eager to capitalize
on high-quality opportunities.
We hope you find this edition helpful and encourage you to contact us directly if
you would like to discuss our perspective on current industry trends or our relevant
industry experience.
OUR PRACTICE
Harris Williams & Co. is a leading advisor to the chemicals and specialty materials
industry. Our significant experience covers a broad range of business models,
market segments, and applications.
Business Types
End Markets
 Manufacturers
 Distributors
 Outsourced Solutions
 Other Service Providers
 Aerospace
 Agricultural
 Automotive
 Consumer
 Industrial
 Life Sciences
 Oil & Gas
 Other
Applications
 Adhesives, Sealants, &
Elastomers
 Aerosols
 Cleaning & Preparation
 Films
 Paints & Coatings
 Water Treatment
 Other





WHAT WE’RE READING
ECONOMIC UPDATE
PUBLIC COMPARABLES
PUBLIC MARKETS
SELECT M&A ACTIVITY
CONTACTS
Patrick McNulty
Managing Director
pmcnulty@harriswilliams.com
+1 (804) 932-1339
Darwin Olympia
Director
dolympia@harriswilliams.com
+1 (804) 915-0141
Brad Morrison
Vice President
bmorrison@harriswilliams.com
+1 (804) 915-0168
John Lautemann
Vice President
jlautemann@harriswilliams.com
+1 (804) 887-6081
HARRIS WILLIAMS & CO. DEAL SPOTLIGHT
Commonwealth Laminating
a portfolio company of
and
has been acquired by
Harris Williams & Co. advised Commonwealth Laminating,
Inc. a portfolio company of Fenway Partners and
Transportation Resource Partners, on its sale to Eastman
Chemical. Commonwealth Laminating engages in the
manufacturing and marketing of solar control window films.
DuBois
a portfolio company of
has been acquired by
The firm also advised DuBois, a portfolio company of The
Riverside Company, on its sale to Aurora Capital Group.
DuBois is a leading provider of value-added specialty
chemical solutions and services to the Industrial,
Transportation, Pulp & Paper, and Water industries.
www.harriswilliams.com
PAGE | 1
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
WHAT WE’RE READING
U.S. CHEMICAL DISTRIBUTOR UNIVAR VALUED AT $3 BILLION IN IPO
Reuters
6/17/2015
Univar, one of the largest chemical distributors in North America, priced its initial public offering at $22 per share on
Wednesday, valuing the U.S. chemical distributor at roughly $3 billion. CVC Capital Partners took a majority stake in
the company in October 2007 and Clayton, Dubilier & Rice (CD&R) picked up a 42.5% stake in September 2010.
The IPO raised $770 million, after the initial public offering of 35 million shares was priced at the top end of the
expected price range. Univar said it would sell 20 million shares and CVC Capital Partners will sell 15 million shares.
CD&R is not selling into the IPO.
Read the full article here.
INVESTMENT IN U.S. CHEMICALS INDUSTRY RISES
Financial Times
6/14/2015
Planned investments in the U.S. chemicals industry have continued to rise this year in spite of the fall in oil prices,
pointing to a surge in capacity by the end of the decade. Companies have announced nearly 250 investment
projects worth a total of $145 billion, up from $136 billion at the end of 2014 and about $90 billion a year ago,
according to the American Chemical Council. The drop in crude prices is a potential threat to U.S. producers of bulk
chemicals because their feedstocks are typically tied to gas prices, whereas they compete against firms in Asia and
Europe that use feedstocks based on oil. Nevertheless, investment continues in the U.S.
Read the full article here.
U.S. CHEMICALS COMPANIES THRIVE ON SHALE BOOM’S CHEAP GAS
Financial Times
6/14/2015
U.S. chemical companies’ fortunes have been transformed by the shale gas boom, which is providing them with a
flood of cheap energy and raw materials for their products. The question executives are now grappling with is how
best to take advantage of this market transformation strategically.
In the meantime, activist investors are targeting the largest companies in the sector for restructuring, citing the
potential to unlock value by dismantling unfocused conglomerates. Experts anticipate continued organizational
realignments and specialization efforts to thwart such activist activity.
Read the full article here.
CHEMICAL REGULATION BILL CLEARS FIRST HOUSE HURDLE
AAAS1
6/4/2015
The U.S. House of Representatives began the process of updating the nation’s decades-old framework for testing
and regulating industrial chemicals. A key House committee unanimously approved a measure to ease the EPA’s
ability to enforce the Toxic Substances Control Act (TSCA) of 1976, just weeks after lawmakers added provisions to
address environmental and public health groups’ concerns. The bill still wouldn’t change the law as extensively as a
similar U.S. Senate proposal, but it—along with the Senate measure—will likely face additional debate and revisions
spurred on especially by outside advocacy groups.
Read the full article here.
MANAGING SPECIALTIES: INNOVATING AHEAD OF THE CURVE
IHS Chemical Week
6/1/2015
Innovation and customer intimacy are key priorities for specialty chemical companies as they try to maintain
margins. Pressure is coming from the ever-smaller window for new, high-margin products and the mixed impact of
low energy costs. Working closely with customers is now seen as an even more important way to preserve value.
Read the full article here.
1) American Association for the Advancement of Science.
PAGE | 2
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
ECONOMIC UPDATE
GDP
(Quarter-Over-Quarter Growth)
GROSS DOMESTIC PRODUCT
3%
U.S.

Real GDP remained relatively flat from Q4 2014 to Q1 2015 but
increased ~3.5% on a year-over-year basis.

Harsh winter weather, a strong dollar, and a slowdown in shipping
resulting from labor disputes at West Coast ports all contributed to the
flat quarter-over-quarter performance.
EU-28

Seasonally adjusted GDP in the EU-28 for Q1 2015 rose by ~2.0%
quarter-over-quarter, with ~4.0% year-over-year growth.
2%
1%
0%
(1%)
(2%)
10
11
12
U.S.
OIL & NATURAL GAS
The benchmark natural-gas price soared to a nearly four-month high
in May, bolstered by rising demand from power generators that are
pivoting away from coal. Nevertheless, natural gas prices remain well
below the ten-year average of $5.57 due to oversupply.
$150
$12
$120
$8
$90
$60
$4
$30
$0
$0
Brent Crude Oil
CHEMICAL MANUFACTURING PRODUCERS PRICE INDEX


Following an extended trend of increasing prices, the chemical
manufacturing producers price index declined from mid-2014 to early
2015, driven by lower oil prices as well as other reduced costs for
various inputs.
However, recent stability in supply / demand conditions led to the
index increasing 1.0% from April to May, the first uptick since October
2014.
15
Oil & Natural Gas Price Trends
Brent Crude Oil ($/bbl)

Global oil prices have risen between 20% and 25% since February
2015 on signs that increasing demand ahead of the peak U.S. driving
season could ease a supply glut. Prices, however, remain more than
40% lower than they were at this time last year.
14
EU-28
U.S. Nat Gas ($/MMBTU)

13
U.S. Nat Gas
Chemical Manufacturing Producer Price Index
(PPI)
280
260
240
220
10
CHEMICAL CAPACITY UTILIZATION

In the midst of relatively low feedstock costs and improving demand,
capacity utilization in the chemicals industry increased approximately
300 basis points from January 2014 to February 2015.
11
12
13
14
15
Chemical Capacity Utilization
(% of Total Capacity)
80%
78%
76%

Over the past month, the value of chemical shipments has
moderated, leading to a slight reversal in capacity utilization.

Given the longer-term trend toward rising utilization, coupled with
continued supportive conditions, major chemical producers are
expected to add new capacity over the near- to mid-term.
74%
72%
70%
10
11
12
13
14
PAGE | 3
15
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
PUBLIC COMPARABLES
As of June 18, 2015 ($ in millions, except per share amounts)
Stock Performance
Diversified
BASF SE
Current
% of
Price
LTM High
3-Year
Free Cash
Revenue
Mkt Cap
TEV
CAGR
2015E
Revenue
EBITDA
Price / Earnings
Margin
2015E
2016P
LTM
TEV / EBITDA1
2015E
2016P
Flow
Net Debt/
Conversion2
EBITDA
$82.37
84.7%
$86,359
$102,925
0.0%
$75,655
$10,918
14.4%
14.5x
13.3x
8.8x
8.1x
7.7x
43.7%
1.3x
E. I . du Pont de Nemours and Company
70.15
87.0%
63,502
70,436
1.5%
33,172
6,837
20.6%
17.6x
15.6x
11.8x
10.2x
9.7x
62.1%
1.0x
The Dow Chemical Company
53.59
97.5%
61,783
80,719
(1.0%)
52,188
9,023
17.3%
17.7x
15.1x
8.8x
8.9x
8.3x
54.3%
1.5x
Eastman Chemical Co.
80.37
90.3%
11,973
19,531
9.8%
10,414
2,266
21.8%
11.2x
10.4x
9.0x
8.6x
8.2x
72.2%
3.3x
Celanese Corporation
71.38
99.4%
10,938
13,064
0.8%
6,126
1,478
24.1%
12.4x
11.7x
9.9x
8.8x
8.5x
34.8%
1.2x
10,871
0.2%
5,593
1,147
20.5%
17.5x
14.8x
14.0x
9.5x
8.7x
68.6%
2.0x
Ashland I nc.
127.22
96.1%
8,597
FMC Corp.
55.81
73.8%
7,453
9,440
10.7%
3,812
802
21.0%
16.8x
13.6x
11.7x
11.8x
9.8x
75.5%
2.4x
Albemarle Corporation
59.64
78.2%
6,691
10,580
(3.9%)
3,766
954
25.3%
15.2x
14.1x
12.3x
11.1x
10.4x
71.6%
3.9x
Clariant AG
19.20
88.5%
6,688
8,068
3.2%
5,871
854
14.6%
17.0x
14.7x
8.6x
8.7x
8.1x
59.7%
1.4x
Median
88.5%
0.8%
20.6%
16.8x
14.1x
9.9x
8.9x
8.5x
62.1%
1.5x
Mean
88.4%
2.4%
20.0%
15.6x
13.7x
10.6x
9.5x
8.8x
60.3%
2.0x
Coatings
PPG I ndustries, I nc.
$117.81
99.0%
$32,027
$35,576
5.1%
$15,765
$2,675
17.0%
20.7x
18.2x
14.5x
13.3x
12.3x
76.4%
1.3x
283.51
96.3%
26,419
28,886
8.3%
11,860
1,811
15.3%
25.2x
21.6x
19.2x
16.0x
14.2x
85.8%
1.4x
67.47
89.4%
18,949
22,155
(0.8%)
14,887
2,060
13.8%
16.9x
15.7x
10.9x
9.4x
8.9x
66.3%
1.1x
The Valspar Corporation
85.79
94.4%
6,894
8,534
4.3%
4,470
733
16.4%
18.5x
15.9x
12.0x
11.7x
10.6x
84.2%
2.2x
RPM I nternational I nc.
50.46
97.1%
6,722
8,309
8.7%
4,803
642
13.4%
19.5x
17.6x
14.6x
12.9x
11.4x
84.7%
2.5x
The Sherw in-Williams Company
Akzo Nobel NV
Median
96.3%
5.1%
15.3%
19.5x
17.6x
14.5x
12.9x
11.4x
84.2%
1.4x
Mean
95.2%
5.1%
15.2%
20.1x
17.8x
14.2x
12.6x
11.4x
79.5%
1.7x
Chemical Distribution & Services
Brenntag AG
$52.39
88.2%
$9,239
$10,991
4.8%
$10,833
$847
7.8%
18.7x
17.5x
12.9x
11.4x
10.8x
86.3%
1.8x
I MCD N.V.
32.65
87.8%
1,960
2,255
16.5%
1,570
135
8.6%
18.6x
15.9x
17.5x
14.6x
12.5x
96.9%
1.9x
Quaker Chemical Corporation
87.99
94.0%
1,173
1,190
3.8%
770
99
12.9%
20.8x
18.6x
12.4x
12.0x
11.1x
86.9%
0.1x
Aceto Corp.
25.52
98.3%
743
815
6.7%
586
N/A
N/A
21.6x
NA
13.6x
NA
NA
98.2%
N/A
Median
91.1%
5.8%
16.8%
19.7x
17.5x
13.3x
12.0x
11.1x
91.9%
1.8x
Mean
92.1%
8.0%
9.8%
19.9x
17.3x
14.1x
12.7x
11.4x
92.1%
1.3x
Agricultural
Monsanto Company
$114.45
88.9%
$54,490
$60,094
9.7%
$15,978
$5,002
31.3%
19.5x
16.5x
14.0x
12.0x
11.0x
75.7%
1.1x
398.30
91.5%
39,759
42,039
4.4%
14,291
2,841
19.9%
23.8x
20.9x
13.4x
14.8x
13.3x
79.2%
0.7x
Potash Corporation of Saskatchew an I nc.
37.83
80.3%
25,894
30,036
(7.7%)
6,436
3,064
47.6%
16.3x
14.4x
9.7x
9.8x
8.9x
60.2%
1.3x
The Mosaic Company
45.03
83.7%
16,442
17,765
(3.0%)
9,732
2,394
24.6%
13.5x
12.2x
7.7x
7.5x
6.9x
61.9%
0.5x
127.45
87.0%
14,957
19,014
1.7%
16,394
2,247
13.7%
13.9x
11.9x
11.1x
8.5x
7.5x
(26.7%)
1.7x
11.24
63.8%
856
905
367
104
28.2%
63.2x
32.1x
8.2x
8.7x
7.6x
65.2%
0.5x
Syngenta AG
Agrium I nc.
I ntrepid Potash, I nc.
(3.4%)
Median
85.3%
(0.6%)
26.4%
17.9x
15.5x
10.4x
9.3x
8.2x
63.6%
0.9x
Mean
82.5%
0.3%
27.6%
25.0x
18.0x
10.7x
10.2x
9.2x
52.6%
1.0x
1.6x
Specialty Materials
Compagnie de Saint-Gobain S.A.
Ev onik I ndustries AG
Solv ay SA
$40.45
91.1%
$26,101
$34,806
(0.8%)
$42,692
$4,422
10.4%
15.8x
13.2x
7.7x
6.9x
6.3x
64.3%
33.88
93.6%
18,021
17,374
(4.0%)
13,779
2,339
17.0%
15.1x
14.6x
8.0x
6.5x
6.3x
41.4%
NM
126.35
89.5%
11,968
13,895
10.7%
10,767
1,931
17.9%
16.4x
14.2x
7.1x
6.3x
5.9x
43.2%
0.7x
Av ery Dennison Corporation
62.62
98.7%
5,700
6,681
2.9%
6,088
712
11.7%
18.8x
16.5x
10.0x
9.4x
8.8x
79.9%
1.4x
PolyOne Corporation
40.03
92.4%
3,570
4,456
12.5%
3,698
461
12.5%
18.6x
15.4x
12.6x
9.7x
8.6x
74.5%
1.9x
Rogers Corporation
70.60
83.1%
1,315
1,301
3.8%
712
N/A
18.0x
15.4x
10.1x
NA
NA
72.0%
N/A
N/A
Median
91.7%
3.3%
12.5%
17.2x
15.0x
9.0x
6.9x
6.3x
68.1%
1.5x
Mean
91.4%
4.2%
13.9%
17.1x
14.9x
9.2x
7.8x
7.2x
62.5%
1.4x
Overall Median
89.9%
3.5%
17.0%
17.6x
15.4x
11.4x
9.6x
8.9x
71.8%
1.4x
Overall Mean
89.5%
3.5%
19.3%
19.1x
15.9x
11.4x
10.2x
9.4x
66.6%
1.5x
1)
2)
TEV / EBITDA multiples may be inflated due to post-Q1 acquisitions in which non-public EBITDA
contributions have not been incorporated by CapIQ.
Free cash flow conversion defined as EBITDA less capital expenditures divided by EBITDA.
PAGE | 4
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
PUBLIC MARKETS OVERVIEW
3-YEAR REVENUE CAGR (2011 – 2014)
3-YEAR EBITDA CAGR (2011 – 2014)
Agricultural
Agricultural
0.3%
AVERAGE EBITDA MARGIN (2015E)
20.0%
15.2%
92.1%
27.6%
52.6%
Agricultural
13.9%
62.5%
Spe cialty Materials
TOTAL ENTERPRISE VALUE / 2015E EBITDA
NET DEBT / 2015E EBITDA
9.5x
12.6x
Coatings
Che mical Distribution & Servic es
12.7x
Che mical Distribution & Servic es
10.2x
Agricultural
2.0x
Diversified
Coatings
1.7x
1.3x
1.0x
Agricultural
7.8x
Specialty Materials
79.5%
Coatings
Che mical Distribution & Servic es
Agricultural
Diversifie d
60.3%
Diversified
9.8%
Spe cialty Materials
16.9%
FREE CASH FLOW CONVERSION (2015E)
Diversified
Coatings
(7.4%)
Spe cialty Materials
4.2%
Che mical Distribution & Servic es
15.5%
Chemical Distribution & Services
8.0%
Chemical Distribution & Services
Spe cialty Materials
11.5%
Coatings
5.1%
Coatings
10.4%
Diversified
2.4%
Diversified
1.4x
Spe cialty Materials
PUBLIC COMPARABLES (MEDIAN TEV / LTM EBITDA)
Median
Current 3-Year 5-Year
16x
9.9x
8.8x
8.5x
Coatings
14.5x
11.8x
10.4x
Chemical Distribution & Services
13.3x
10.3x
9.3x
Agricultural
10.4x
9.7x
11.2x
9.0x
8.1x
7.6x
10.4x
9.7x
9.3x
Diversified
14x
Specialty Materials
Total
12x
10x
8x
6x
4x
Jun-10
Jun-11
Diversified
Coatings
Jun-12
Jun-13
Chemical Distribution & Services
Jun-14
Agricultural
Jun-15
Specialty Materials
PAGE | 5
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
M&A TRANSACTIONS
Closed Date
Target
6/11/2015
I VC I ndustrial Coatings,
(Announced) I nc.
Target Business Description
I VC I ndustrial Coatings, I nc. manufactures and distributes pow der,
liquid, and specialty coating products for commercial and consumer
applications w orldw ide.
Acquirer
PPG I ndustries, I nc.
6/1/2015
Citadel Plastics
Citadel Plastics Holdings, I nc. is a holding company w hich through its
A. Schulman, I nc.
subsidiaries manufactures and distributes thermoplastic compounds and
thermoset resins.
6/1/2015
Quest Automotiv e
Products and Quest
I ndustrial Products
Quest Specialty Chemicals, I nc.'s Performance Coatings Businesses
manufacture automotiv e refinish and industrial coatings.
The Valspar Corporation
The M. F. Cachat Company is engaged in the marketing and distribution
of specialty chemical products.
I MCD Group B.V.
5/11/2015
The M. F. Cachat
(Announced) Company
4/27/2015
Royal Adhesiv es &
Sealants, LLC
Royal Adhesiv es & Sealants, LLC manufactures and markets adhesiv es,
sealants, encapsulants, and polymer coatings.
American Securities
4/15/2015
Caplugs, LLC
Caplugs, LLC manufactures and sells plastic product protection
products.
Berw ind Corporation
4/8/2015
Zep, I nc.
Zep I nc. produces and markets cleaning and maintenance chemicals,
along w ith related products and serv ices for the commercial, industrial,
and institutional markets in North America and Europe.
New Mountain Capital, LLC
3/27/2015
The Dow Chemical
The Dow Chemical Company's Chlor-Alkali and Dow nstream Deriv ativ es Olin Corp.
Company, Chlor-Alkali
Businesses produce chlor-alkali and dow nstream deriv ativ es.
and Dow nstream
Deriv
ativ esServ
Businesses
U.S. Water
ices, I nc. U.S. Water Serv ices, I nc. prov ides chemicals and equipment for w ater
ALLETE, I nc.
management and treatment to industrial customers in North America.
2/10/2015
2/9/2015
Charter NEX Films I nc.
Charter NEX Films I nc. engages in engineering, extruding, and
manufacturing monolayer, coextruded, and barrier blow n films for
packaging applications.
Pamplona Capital
Management
2/2/2015
ANGUS Chemical
Company
ANGUS Chemical Company manufactures and distributes nitroalkanes
and their deriv ativ es.
Golden Gate Capital
2/2/2015
Bostik, I nc.
Bostik, I nc. designs, manufactures, and markets adhesiv es and sealants
for industrial, construction, and consumer markets in the United States.
Arkema S.A.
1/12/2015
Rockw ood Holdings,
I nc.
Rockw ood Holdings, I nc. dev elops, manufactures, and markets v arious
specialty chemicals for industrial and commercial applications primarily
in Germany, the United States, and Europe.
Albemarle Corporation
12/18/2014
Q Holding Co.
Q Holding Co. manufactures highly engineered elastomeric
components for use in medical, automotiv e, and industrial applications.
3i Group plc
12/11/2014
Commonw ealth
Laminating & Coating,
I nc.
Commonw ealth Laminating & Coating, I nc. manufactures and markets
Eastman Chemical Co.
solar control w indow films, industrial coatings, adhesiv es, and laminates.
12/5/2014
Taminco Corporation
Taminco Corporation, together w ith its subsidiaries, produces and
distributes alkylamines and alkylamine deriv ativ es in the United States,
Belgium, and internationally.
Eastman Chemical Co.
12/1/2014
Solv ay USA I nc. (Eco
Serv ices business)
Solv ay's Eco Serv ices business offers research and dev elopment
serv ices and produces of chemicals and plastics.
CCMP Capital Adv isors,
LLC
PAGE | 6
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE │ JUNE 2015
OUR FIRM
Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.
Our clients benefit from our deep-sector experience, integrated industry intelligence and
collaboration across the firm, and our commitment to learning what makes them unique. For more
information, visit our website at www.harriswilliams.com/industries.
Aerospace, Defense
& Government
Services
Building Products
& Materials
Business
Services
Consumer
Energy
& Power
Healthcare
& Life Sciences
Industrials
Specialty
Distribution
Technology,
Media & Telecom
Transportation
& Logistics
HARRIS WILLIAMS & CO. OFFICE LOCATIONS
UNITED STATES
EUROPE
Boston
Richmond (U.S. Headquarters)
Frankfurt
Cleveland
San Francisco
London
Two International Place
24th Floor
Boston, Massachusetts 02110
Phone: +1 (617) 482-7501
Fax: +1 (617) 482-7503
1900 East 9th Street
20th Floor
Cleveland, Ohio 44114
Phone: +1 (216) 689-2400
Fax: +1 (216) 689-2401
1001 Haxall Point
9th Floor
Richmond, Virginia 23219
Phone: +1 (804) 648-0072
Fax: +1 (804) 648-0073
575 Market Street
31st Floor
San Francisco, California 94105
Phone: +1 (415) 288-4260
Fax: +1 (415) 288-4269
Bockenheimer Landstrasse 33-35
60325 Frankfurt
Germany
Phone: +49 069 3650638 00
Fax: +49 069 3650638 01
63 Brook Street
London W1K 4HS, England
Phone: +44 (0) 20 7518 8900
Fax: +44 (0) 20 7526 2187
NETWORK OFFICES
Minneapolis
222 South 9th Street
Suite 3350
Minneapolis, Minnesota 55402
Phone: +1 (612) 359-2700
Fax: +1 (612) 359-2701
Beijing
New Delhi
Hong Kong
Shanghai
Mumbai
PAGE | 7
CHEMICALS AND SPECIALTY MATERIALS
INDUSTRY UPDATE | JUNE 2015
HARRIS WILLIAMS & CO.
SOURCES
American Association for the Advancement of Science
Bureau of Economic Analysis
Bureau of Labor Statistics
Business Standard
Capital IQ
Federal Reserve Economic Research & Data
Financial Times
IHS Chemical Week
Reuters
DISCLOSURES
Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.
The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides
sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co.
Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and
Harris Williams & Co. Ltd conduct business.
THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION
PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER
OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY
OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL
INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD
PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.
The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is
defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a
solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is
believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris
Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities
of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those
companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the
securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report
constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for
all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon
their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material
may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.
Copyright© 2015 Harris Williams & Co., all rights reserved.
PAGE | 8