Stepping Out, a Bit

The M&A rebound continues with two significant acquisitions in specialty chemicals in the past two weeks. The acquisitions—Lonza-Arch and Ecolab-Nalco—move companies beyond their recognized core businesses. Both Lonza and Ecolab have acquired businesses they know well and the deals allow them to, right away, attain top global market positions in attractive end markets. Both deals appear to have started with discussions around possible collaboration, and not as acquisition talks. Biocides brought Lonza and Arch together (p. 8), while interest in...

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