Rockwood Acquires Global Pigments Business of Elementis
Tuesday September 4, 8:30 am ET
PRINCETON, N.J.--(BUSINESS WIRE)--Rockwood Holdings, Inc. today announced that it has completed the acquisition of the global color pigments business of Elementis plc.
As previously disclosed, Rockwood paid approximately $140 million for Elementis color pigments and specialty paint driers business in North America, Europe and China. The acquired business had sales of approximately $172 million and EBITDA of $18 million in 2006. The combined business will have annual revenues of approximately $500 million.
In announcing the transaction, Seifi Ghasemi, Rockwood Chairman and Chief Executive Officer, said, "This acquisition helps us further our strategy to grow both organically and by bolt-on acquisitions. The combination of these two market leaders in iron-oxide pigments creates a strengthened global business that will provide added value to our customers through its complementary product portfolio, balanced geographic footprint, competitive manufacturing capabilities and talented global workforce.
"Rockwood Color Pigments will now have a global production base that offers a full range of pigment products and services for concrete, coatings and other specialty applications," Mr. Ghasemi said. "We will draw on Rockwood's strengths in yellow pigments and Elementis' expertise in reds. We will provide our customers global sourcing, through our strong production presence in China, in addition to world class facilities in the United States and Europe."
Andrew M. Ross, President of Rockwood Color Pigments, will head the combined organization.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 9,500 people and annual net sales of approximately $3.0 billion. The company focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets.
Source: Rockwood Holdings, Inc.
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