MOSCOW (MRC) -- Elementis PLC (ELM.L) said it agreed, through its wholly owned subsidiary Elementis Specialties to purchase the assets of Hi-Mar Specialty Chemicals, LLC or "Hi-Mar" a US coatings additives company, for a cash consideration of USD33 million, said Rttnews.
The transaction is expected to be earnings enhancing in the current year.
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 would further expand Elementis' product and technical service offering in these high value segments.
For the year ended 31 December 2012, the acquired business reported, on an unaudited basis, sales of USD14.5 million and EBITDA of USD3.5 million.
As MRC wrote earlier, Elementis Plc (ELM), the world’s largest maker of hectorite-clay additives used in cosmetics, plans to increase investment and pump USD15 million into U.S. expansion over the next two years, Finance Director Brian Taylorson said.
Elementis plc is one of the UK's largest speciality chemicals business. The Company comprises three businesses: Specialty Products, Surfactants and Chromium. Both Specialty Products and Chromium hold leading market positions in their chosen sectors. Elementis employs over 1,200 people at more than 30 locations worldwide.