One more take-over under the Xmas tree for Iorio, Turci & Co.
Italmatch Chemicals, awarded for its sustainable business, has completed the purchase of US-based company Detrex
Italmatch Chemicals, a Global Specialty Chemical Group with leadership in the production and marketing of performance additives for industrial lubricants, water & process treatment, oil & gas, and plastics, has acquired Detrex Corporation, an American company headquartered in Cleveland (Ohio) and specialized, through its subsidiary The Elco Corporation, in the production of high performance lubricant additives, for industrial applications and high purity hydrochloric acid.
“The acquisition is consistent with the internationalization process undertaken by our Group in the last years, with a particular focus on the American market, and confirms the aim of expanding and broadening current production portfolio” stated the Genoa-based company.
The American transaction follows the recent acquisition of Sudamfos do Brasil, a leading Brazilian distribution company, specialized in marketing of phosphonates, phosphates and other special chemical products and one year after the acquisition of Compass Chemical International, a chemical company independent of North America, leader in the production and marketing of special additives for water and oil & gas treatment.
“We are excited about this acquisition because we have its products and management team for many years. Elco will bring highly complementary products & geo coverage, commercial and industrial synergies, as Italmatch is focused on EMEA/AP markets and Elco on NA/LATAM markets, with sales and organizational synergies in other Regions. In addition, from a product portfolio point of view, Italmatch is a leader in special synthetic base stock and anti-wear additives, and Elco has a distinctive and very complementary position in EP additives and Ad-pack for grease and MWF” Sergio Iorio, CEO of Italmatch Chemicals Group, stated.
"The acquisition by Italmatch Chemicals represents for us a great opportunity to be an essential part of an exemplary business model in the field of specialty chemicals. Elco and Italmatch Chemicals have the same high standards of production and have a very similar mission and overall corporate culture" Thomas E. Mark, President and CEO of Detrex Corporation, commented.
"We are very satisfied with the outcome of the merger agreement and also with the support received from leading international banking and financial institutions in finalizing the transaction. This operation allows us to continue the growth undertaken in the last years, with a consequent and significant increase in the Group's overall turnover and operating margin” pinpointed Maurizio Turci, CFO, Corporate Affairs and HR Director of Italmatch Chemicals Group.
Founded in 1997, Italmatch Chemicals, is a leading innovative chemical group, specialized in performance additives for lubricants, water treatment, oil & gas and plastics, and boasts a wide product range able fulfil the requirements of the most demanding applications, including personal care. The group generates – after this new deal – some 400 million euro in revenues and operates through 6 manufacturing plants in Europe (Italy, Spain, Germany and UK), 2 in Asia Pacific (China and Japan), 2 in North America (USA) and sales/distribution subsidiaries in Brasil, Belgium, China, Japan, India, Poland, Singapore and the USA, employing some 600 workers.
Ardian, the largest European independent private investment company, acquired the majority of Italmatch Chemicals together with the management in July 2014.
Italmatch Chemicals was just invited to speak about Innovation & Technology, Industry 4.0 and Internationalization on Class CNBC as a successful international case study based in Italy.
The company also gained the “Best Company Experience” Award in the occasion of the National Health, Safety & Environment Day for the Chemical and Pharmaceutical Industry held in Milan.