Sun Chemical Acquires High Purity Oxides Business of Cathay Industries.
Sun Chemical and its parent company, DIC Corporation, have acquired the high-purity iron oxides business of Cathay Industries, located in Valparaiso, Indiana, U.S.A.
The purchase includes the customers, property and all assets related to the business located at the Valparaiso site.
“This acquisition further demonstrates Sun Chemical and DIC’s commitment to be the leading and most innovative color and effects supplier to the global cosmetics market,” said Myron Petruch, DIC Executive Officer and President of Sun Chemical Performance Pigments. “The demand for the unique, ultra high-purity products produced at this site will continue to grow rapidly across the globe, as the cosmetics industry continues to tighten specifications and implement new regulations to ensure the highest purity raw materials in all of their products.”
The acquisition demonstrates the commitment of DIC and Sun Chemical to sustainability, as these ultra high-purity iron oxides are COSMOS (COSMetic Organic Standard) certified.
“DIC and Sun Chemical continue to transform their overall product portfolio, with focus on high value, high growth specialty product lines and markets,” Petruch said. “This acquisition fits this strategy perfectly.”
Terms of the transaction were not disclosed.
“I’m really proud of the result our team achieved on this project, especially working under a compressed timeline,” commented Chris Cerimele, Founder of Balmoral Advisors. “It was a complicated carve-out of a U.S. chemicals business owned by a Chinese company, acquired by the U.S. subsidiary of a Japanese Company. No deal is easy, but this one presented unique challenges.”