Fitch Ratings: Chemicals M&A Slowing, Multiples Up

M&A activity in the chemical industry “has been proceeding at a more measured pace this year” compared to last, according to Fitch Ratings (New York). However, average transaction multiples were up, at 9.3x Ebitda for the period ended May 31, up from 8.9x last year and 8x in 2010.   Activity “will be tilted toward strategic acquisitions and likely centered in the specialty chemicals sector,” Fitch adds. There are a number of companies looking to acquire, but not as many looking to sell, a possible indication of “a healthier...

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