Showa Denko sticks with nonstick coatings

Japan’s Showa Denko has signed a deal to buy Industrielack AG, a Swiss maker of nonstick coatings, from the private equity firm Helvetica Capital. ILAG employs 120 people and makes fluorochemical-, silicone polyester-, and ceramic-based coatings for cookware and industrial products at plants in Switzerland and China. The newly acquired business complements GMM Nonstick Coatings, a US-based firm that Showa Denko bought in 2017. After the ILAG acquisition, Showa Denko says, it will have $60 million in annual nonstick coating sales out of a global market worth $1.2 billion.