The specialty chemicals group ALTANA has signed a contract to acquire the business of Chemical Corporation of America Inc. (ChemCor), a U.S. manufacturer of specialty wax additives. The family business, headquartered in Chester, NY, generates yearly sales of approximately $17 million.
By way of an asset deal, ALTANA will acquire the production site in Chester, NY together with the staff employed there. The business will be integrated into BYK USA Inc., which is based in Wallingford, CT, and belongs to the ALTANA Additives & Instruments division.
ChemCor produces water-based wax products and specialty additives for a wide range of industries including floor finishes, exterior paint and deck stains, graphic arts coatings and inks as well as mold release products.
“In acquiring ChemCor, ALTANA is continuing its growth strategy in the USA,” ALTANA AG CEO Dr. Matthias L. Wolfgruber said. “ChemCor is an ideal complement to our position in the wax additives business, which was previously occupied, especially in Europe, by BYK-Cera, and has now been significantly strengthened beyond the region. Strategically we are very well placed to offer our wax additive customers a high level of innovative strength and service.”
“The product portfolio of ChemCor does not just open up the American market in the area of wax additives alone; for BYK, new market segments, such as wax additives for industrial applications, also become accessible,” said Dr. Christoph Schlünken, president Division BYK Additives & Instruments. “What’s more, the ChemCor site in Chester can also continue to grow through our know-how and our customer base locally.”