Synthomer - comment
The pre-AGM trading statement points to a strong first half, and, added to the disposal of the loss-making Acrylic Monomer business, the bonds should edge marginally higher. The full half-year results will come out on 30th June, and we will comment further then. The Acrylate Monomers business generated -€10m in EBITDA in 2025 and has been acquired by Mutares for zero upfront with €5m cash on hand. There is an earn-out which could see Synthomer earn up to €12m over three years. The disposed business is a commodity chemical producer and doesn’t really fit into the margin structure that Synthomer is seeking.