Dynea to Focus on Speciality Wood Adhesives Market by Forming Dynea North in Europe

Dynea Oy ("Dynea") announces the creation of a new company within Dynea, Dynea North, focusing on the speciality wood adhesives market in Europe.

Dynea North is one of the European market leader with a broad portfolio of adhesives for the wood processing industries. Dynea North has a broad chemistry basis, ranging from formaldehyde based resins to PU, EPI, PVAc, and hot melts. The company has been formed from Dynea activities in Norway, Denmark and Hungary and will in addition to its own sites, have toll production in Germany, Finland, the Netherlands, Austria and Italy. Dynea North is headquartered in Lillestrom, Norway and has some 200 employees. In 2012 Dynea North sold approximately 210kt of products. The company commenced stand-alone activities at the beginning of 2013.

Commenting on the creation of Dynea North, Dynea CEO Hans Petterson said: "With the creation of Dynea North, Dynea has successfully split its activities into the Prefere Resins Company, focused on specialty phenolic products, and Dynea North focusing on specialty products for the wood working industry. This split is an important part of the total restructuring of the Dynea portfolio. As a separate company, Dynea North will be able to focus exclusively on serving customers in the wood processing industry."

Tarje Braaten, Managing Director of Dynea North said: "The formation of Dynea North is an exciting opportunity to create a new company, focused on the wood adhesives business. The Dynea North management team will build on Dyneas strong position in the market and develop this further through a more dedicated and focused approach to our customers."

About Dynea

Dynea is an international provider of superior adhesion and surfacing solutions is owned by the IK Funds advised by IK Investment Partners, a leading European private equity company. Today, Dynea has 12 plants in 10 countries in Europe.