Engelhard Completes Acquisition of Major Stake in Coletica, S.A.
Thursday March 17, 11:39 am ET
ISELIN, N.J.--(BUSINESS WIRE)--March 17, 2005--Engelhard Corporation announced today that it has completed its previously announced plan to acquire a majority stake in Coletica, S.A., a publicly traded, high-growth company that develops performance-based, skin-care compounds and related technologies for the cosmetic and personal care industries.
Engelhard purchased 77.87% of Coletica's outstanding shares, which were held by a group led by Coletica's founder and president, for about EUR 50 million. Engelhard plans to make a tender offer for the remaining publicly held shares at a price of EUR 37.10 per share. The tender offer is to be made at the end of March or early April. The offer translates into a purchase price of EUR 65.85 million for 100% ownership.
The acquisition further strengthens Engelhard's position as a leading global supplier of materials technology to the cosmetic and personal care industries. It expands the company's existing capabilities in the growing market for skin-care materials used in such applications as anti-wrinkle creams, sun protectants, moisturizers and materials that improve the overall complexion of the skin.
Coletica was started in 1985 in Lyon, France. As part of the transaction, Engelhard acquires the company's two facilities in Lyon, sales offices in Paris, New York and Tokyo and its more than 120 employees.
Engelhard Corporation is a surface and materials science company that develops technologies to help customers improve their products and processes. A Fortune 500 company, Engelhard is a world-leading provider of technologies for environmental, process, appearance and performance applications. For more information, visit Engelhard on the Internet at www.engelhard.com
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