LORD Corporation Agrees to Purchase Business Line of Henkel
Monday March 6, 4:00 pm ET
CARY, N.C., March 6 /PRNewswire/ -- LORD Corporation -- a global developer and manufacturer of products and technologies that provide superior adhesion and bonding, control motion and minimize the effects of shock and vibration -- has signed a definitive agreement with Henkel KGaA of Duesseldorf, Germany to purchase certain assets comprising Henkel's rubber-to-substrate bonding and rubber coating business.
The transaction is subject to customary closing conditions including the required antitrust approvals. The business primarily serves automotive and industrial manufacturers of rubber molded and extruded components and includes the trade names Chemosil, Flocksil, Cuvertin and Sipiol. Henkel employees performing technical and commercial functions and who have been primarily dedicated to this business are planned to transfer to LORD Corporation subsidiaries.
"The acquisition of this important business from Henkel will allow us to better serve our global customers in the European region and is in line with the strategic commitment LORD Corporation has to the European region in all areas of activities," said Rick McNeel, President and CEO of LORD Corporation.
"We are committed to integrating human expertise and distinctive technology to provide solutions which enable our customers to reduce their total costs and improve productivity," adds Eric Ravinowich, Regional Director, LORD Corporation (Europe) Ltd. "This acquisition will allow LORD to combine our current and emerging technologies for high-volume, automotive and industrial Noise Vibration Harshness (NVH) device manufacturers to resolve many of the challenges prevalent in the European and global markets."
About LORD Corporation
With headquarters in Cary, NC, USA and sales in excess of $550-MM, LORD Corporation is a privately held company that designs, manufactures and markets devices and systems to manage mechanical motion and control noise and vibration; formulates, produces and sells general purpose and specialty adhesives and coatings; and develops products and systems utilizing magnetically responsive technologies. With manufacturing in eight countries and offices in more than 15 major business centers, LORD Corporation employs more than 2,400 worldwide.
Source: LORD Corporation
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