Issue Date: October 15, 2007
Rockwood Electronic Chemicals Go To OMG
Rockwood Holdings will sell its electronic chemicals business to OM Group for $315 million. Fifty million dollars of that transaction depends on OMG exercising an option to purchase Rockwood's France-based electronic chemicals assets. The business that OMG is purchasing had sales of $187 million and earnings before taxes of $35.4 million in 2006. Included in the transaction are materials used to make printed circuit boards, ultrapure wet-processing chemicals, and photomasks. Not included in the transaction is Rockwood's wafer reclaim business, also based in France. "These are attractive, profitable, cash-generating businesses that participate in high-growth markets and have a global asset base that will broaden our geographic footprint," says OMG CEO Joseph M. Scaminace. OMG aims to have revenues of $2 billion to $4 billion by 2010, up from $660 million in 2006. Last month, the company agreed to buy specialty coatings additives supplier Borchers from Lanxess. Rockwood is also rearranging its portfolio. Over the past year, it has sold its Novasep fine chemicals business to Gilde Buyout Partners and its U.S. wafer reclaim business to Wales-based Pure Wafer.
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