Columbian Chemicals Co. announced March 17 that South Korean-based DC Chemical Co. Ltd., and One Equity Partners, a private equity affiliate of J.P. Morgan Chase & Co., completed the purchase of the company from Phelps Dodge Corp. under the agreement, which was announced Nov. 16, 2005.
DC Chemical Co. and One Equity Partners have joint ownership in the new company, which will continue to operate from its headquarters and technology center in Marietta, GA, as Columbian Chemicals Co.
“The new owners are committed to this business and this industry, and I view this as a very positive development for our organization’s future,” said James P. Berresse, Columbian’s president and CEO. “This transition will provide us with the platform to not only continue meeting our customers’ needs today but to meet their future needs for high quality carbon black products.”
DC Chemical Co. has two-thirds direct interest of the business and One Equity Partners has the remaining one-third direct interest.
“DC Chemical has been interested in growing in the carbon black industry for some time,” said Soo Young Lee, DC Chemical’s chairman. “Expansion is the direction we are taking, and buying into the world’s third largest carbon black manufacturer was an opportunity we couldn’t miss.”
DC Chemical Co. is a leading South Korean chemical company, based in Seoul, with approximately $2.2 billion in revenue. The company operates two carbon black production facilities in Korea.