An affiliate of HIG Capital has purchased the majority of the assets associated with Ferro Corporation’s (NYSE: FOE) Polymer Additives Division (PAD).
PAD will be rebranded and operate as Valerus Specialty Chemicals (Valerus).
Headquartered in Independence, Ohio, Valerus is a leading provider of specialty chemicals that impart critical attributes to polymers, including resiliency, flame retardancy and ease of processing. The Company has a very diverse and broad product line with over 250 active SKUs of polymer modifiers, lubricants and stabilisers. Valerus holds a strong reputation within the industry for consistently delivering reliability, quality and product innovation. The Company is expected to generate over USD200 million in revenue for 2014. Excluded from the acquisition are Ferro Corporation’s polymer additives assets in Antwerp, Belgium.
Valerus operates six manufacturing facilities globally with locations in Ohio, New Jersey, Texas, Louisiana and the UK. The existing management team, led by Paul Angus, will continue to manage and lead Valerus. Mr. Angus will assume the role of Chief Executive Officer.
Angus says: “We are confident that Valerus will thrive as an independent business as we look to invest in new product innovation, service and capacity with a goal to offer greater value to our customers. We look forward to working with HIG to grow our leadership position in the polymer additives category.”
"The prospects of Valerus are great, and we are eager to partner with Paul Angus and the rest of the management team. The Company has numerous exciting growth opportunities that position the business well for success both in the short and long terms,” says Keval Patel, a Managing Director at HIG.
