CATHAY INDUSTRIES Acquires Hoover Color Corp.
HONG KONG - CATHAY INDUSTRIES announced the successful completion of its acquisition of Hoover Color Corp.
CATHAY INDUSTRIES’ Global Chief Executive Terence Yu announced the closing of the deal, following normal regulatory approvals. “The acquisition reinforces CATHAY’s global commitment and sustainable position as a leading manufacturer of performance pigments with a unique and diverse offering for the paints and coatings industries,” said Yu.
“I want to thank Charles Hoover, President of Hoover Color Corp., for his leadership during the transition and for his role in helping bring our companies together. Our immediate focus will be to combine our leading inorganic, innovative technology on low-viscosity yellows, high-chroma reds and heat-stable yellows with the market-leading natural occurring umbers and unique eco-friendly transparent iron oxides from the Hoover Color Corp.,” said Yu.
Charles Hoover has joined the executive team at CATHAY INDUSTRIES and will lead the sales and marketing of the Coating portfolio in the Americas. He will also continue in his role as President of the Hoover Color newly formed division of CATHAY INDUSTRIES.
CATHAY INDUSTRIES is a leading manufacturer of synthetic iron oxide pigments.