| Synthomer plc | |
| Type: | Public |
| Foundation: | 1863 |
| Location: | London, England |
| Key People: | Caroline Johnstone (Chair) Michael Willome (CEO) |
| Industry: | Chemicals |
| Revenue: | £1,970.9 million (2023)[1] |
| Operating Income: | £37.7 million (2023) |
| Net Income: | £(66.8) million (2023) |
| Num Employees: | 5,000 (2023)[2] |
| Homepage: | www.synthomer.com |
Synthomer plc, formerly known as Yule Catto & Co, is a British-based chemicals business. It is listed on the London Stock Exchange.
The company traces its roots back to 1863, when Andrew Yule founded a trading house known as Andrew Yule & Co. in Calcutta.[3] At the same time Andrew's brother, George Yule, set up George Yule & Co. in London, which acted as British agency arm of Andrew Yule & Co.[4]
When in 1919 Andrew Yule & Co. and George Yule & Co. were sold to the US banking group J.P. Morgan & Co. and its British merchant banking affiliate Morgan Grenfell & Co., both were turned from a partnership into a private limited company.[5] That same year Thomas Catto (1879–1959) was sent to India to take over management of the firm from Sir David Yule (1858–1928), a nephew of Andrew Yule.[6] David Yule continued to hold the title of Chairman but had no active part in the operations of the business.[6]
In 1920, Thomas Catto and David Yule changed the name of the British purchasing arm of Andrew Yule & Co., George Yule and Company, to Yule, Catto & Company Ltd.[7] Due to increased taxation, the devaluation of the Indian rupee and the abolition of the managing agency system, Yule, Catto & Co. decided in 1969 to sell its shareholding in Andrew Yule & Co. to the Indian government.[8]
With the acquisition of Revertex Chemicals in 1980,[7] Thomas Catto's son, Stephen (1923–2001) started to turn Yule Catto & Co. into an international speciality chemicals and building products manufacturer.[9] Since 2007 the group has been transformed from a diversified chemical business to a focussed speciality polymer business. In 2012 the company changed its name to Synthomer on the basis that the majority of its business already traded under that name.[10]
In July 2019, Synthomer announced that it was going to buy OMNOVA Solutions for an enterprise value of $824 million;[11] the transaction was completed on 2 April 2020.[12]
In October 2021, Synthomer announced the acquisition of Eastman Chemical adhesive activities for $1 billion.[13]
The company has three activities: polymer chemicals, pharma chemicals and impact chemicals.[3]