20 February 2013 08:32 [Source: ICIS news]
SINGAPORE (ICIS)--UK specialty chemicals producer Elementis said on Wednesday it has acquired the assets of US-based coatings additives firm Hi-Mar Specialty chemicals for $33m (€25m).
The deal done through Elementis Specialties – a wholly owned subsidiary of the company – was signed and closed on 19 February and is expected to be “earnings enhancing” in 2013, Elementis said in a statement.
Hi-Mar is a supplier of defoamers to the coatings, construction and oilfield drilling industries, with manufacturing and technical facilities based in Milwaukee, Wisconsin.
“The acquisition of Hi-Mar Specialty Chemicals broadens our capabilities in value added, higher margin defoamer markets,” said Elementis group CEO David Dutro.
Based on unaudited 2012 figures, Hi-Mar generated sales of $14.5m and earnings before interest, tax, depreciation and amortisation (EBITDA) of $3.5m.
($1 = €0.75)
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