Elementis Specialties, Inc announced that it has agreed to purchase the assets of Hi-Mar Specialty Chemicals, a U.S. coatings additives company, for a cash consideration of $33 million.
Hi-Mar was established in 1973 and is a leading supplier of defoamers to the coatings, construction and oilfield drilling industries, with manufacturing and technical facilities based in Milwaukee, WI. The acquisition of Hi-Mar will further expand the company's product and technical service offering in these high value segments.
Further growth will be driven by combining the market positions, technical capabilities and product portfolios of the two businesses, to provide customers with an enhanced product and service offering and to further expand sales of Hi-Mar products beyond North America.
"The acquisition of Hi-Mar Specialty Chemicals broadens our capabilities in value added, higher margin defoamer markets,” group chief executive David Dutro said. “Our two businesses share a common commitment to serving customers with innovative solutions and technologies, and Hi-Mar’s complementary product portfolio, customer service culture and the opportunity to leverage newly acquired technologies globally make it an excellent addition to our Specialty Products business.”