The new colorants and dispersions specialist will operate under the name Chromaflo Technologies and will be headquartered in Ashtabula, OH, with production facilities in the U.S., Canada, the Netherlands, Finland, Australia and China. Sales and technical support will also be provided throughout North and South America, Europe, Australia, China, India and South East Asia. Chromaflo Technologies will have global sales, manufacturing and technical capabilities with revenue in excess of US $400 million annually.
“The combination of the CPS Colorants business with Chromaflo Technologies is a perfect fit of two players in different segments of the colorants industry,” said Scott Becker, CEO of the new Chromaflo Technologies. “This combination brings together complementary manufacturing capabilities, broadens our base of technologies and expands our global platform. All of this when backed with a strong customer focus by an experienced team will enable us to meet customers' varied requirements on both a local and global basis.”
Peter Baggen, formerly executive vice president colorants at CPS Color, will run the EMEA operations of Chromaflo Technologies.
“The new platform will allow us to create greater value and provide expanded opportunities for our customers,” Baggen noted. “Integrated tinting, which means having the best possible product in each part of the tinting process, will remain our focus.”
The new combined company will be majority owned and controlled by Arsenal Capital Partners. Nordic Capital Fund VI will hold a minority shareholding in Chromaflo Technologies.
The CPS Color Group’s Equipment Business, which includes dispensing, mixing and shaking equipment, is not included in the combination with Chromaflo and CPS Colorants and will become a stand-alone company operating under the name COROB.
Tero Telaranta, formerly executive vic president equipment at CPS Color, and new CEO of COROB, said, “Being a stand-alone company will allow COROB to fully focus on its core business, which is providing tinting equipment solutions designed to meet our customers’ varying needs.”
With an installed base of over 100,000 units, COROB generated €78 million of turnover in 2012 selling dispensers, mixers and shakers. COROB will continue to be owned by Nordic Capital Fund VI.