Rohm & Haas Plans to Acquire LeaRonal

Rohm & Haas Co., a Philadelphia-based specialty chemicals maker, agreed to buy LeaRonal Inc. for $460 million to expand its production of high-profit materials used in printed-circuit boards and semiconductors. The $34-a-share offer represents a premium of about 27% over LeaRonal’s Friday closing share price of $26.81. LeaRonal, based in Freeport, N.Y., makes products used in making semiconductor packaging, printed circuit boards, electronic connectors and metal plating. It had $242 million in sales for its last fiscal year. The acquisition is expected to reduce Rohm & Haas’ 1999 earnings slightly but to add to profit thereafter, analysts said. LeaRonal shares jumped $6.88, or about 26%, to close at $33.69, while Rohm & Haas rose $1 to close at $29.63, both on the NYSE.