Elementis acquires US coatings additives firm
Elementis, the FTSE 250 speciality chemicals group, has agreed, through its wholly owned subsidiary Elementis Specialties, to acquire the assets of Hi-Mar Specialty Chemicals, a US coatings additives company.
Elementis, the FTSE 250 speciality chemicals group, has agreed, through its wholly owned subsidiary Elementis Specialties, to acquire the assets of Hi-Mar Specialty Chemicals, a US coatings additives company.
The $33m purchase has been made to further expand the company's product and technical service offering in these high value segments.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This is an exciting time for Elementis and, due to the cash generative nature of our company, we are able to comfortably finance both organic growth and these bolt-on acquisitions. Consequently, this transaction will not affect the special dividend to be announced with the preliminary results on February 26th 2013."
For the 12 months ended December 31st 2012, the acquired business reported, on an unaudited basis, sales of $14.5m and earnings before interest, tax, depreciation and amortisation of $3.5m.
The transaction is expected to be earnings-enhancing in the current year.
NR
-
Hargreaves Lansdown shakes up fees in biggest change in 10 years – what does it mean for you?Hargreaves Lansdown is lowering its headline fee from 0.45% to 0.35% – but not everyone will be happy with the new fee structure, it’s been suggested.
-
Michael Moritz: The richest Welshman to walk the EarthMichael Moritz started out as a journalist before catching the eye of a Silicon Valley titan. He finds Donald Trump to be “an absurd buffoon”
