Innovative Chemical Products Group Acquires Hi-Tech Coatings
ANDOVER, MA – Innovative Chemical Products Group (ICP Group) announced that it has acquired Hi-Tech Coatings, a developer and manufacturer of high-performance coatings for the packaging and commercial printing industries, from Heidelberger Druckmaschinen AG (Heidelberg).
Hi-Tech Coatings develops and produces more than 1,000 environmentally compatible products and formulations, primarily water-based and UV-based coatings. The transaction also established a strategic partnership between Heidelberg and ICP Group to ensure Heidelberg’s future sales of its coating portfolio to its customers.
“We’re thrilled to have acquired Hi-Tech Coatings, because its industry leadership will only strengthen and expand ICP ISG’s portfolio of innovative products,” said Doug Mattscheck, CEO, ICP Group. “By uniting the highly skilled, well-trained and experienced people of ICP and Hi-Tech Coatings, our company is stronger and so is our unwavering dedication to serving our customers with integrity and customer service.”
Hi-Tech Coatings, whose offerings will become part of ICP Group’s Industrial Services Group (ISG), has provided professionals with high-quality coatings for nearly 30 years. The acquisition provides ICP ISG with two significant opportunities — it expands its product offerings within the high-performance water-based and UV curable coatings and it diversifies and expands its international customer base in Europe, the Middle East and Asia-Pacific regions.
Hi-Tech Coatings will also expand ICP Group’s manufacturing footprint by adding new production facilities in the United Kingdom, the Netherlands and an additional facility in the United States (Michigan). Finally, it will expand ICP ISG’s exposure to high-growth, global-packaging end markets.
“We are excited to welcome the employees of Hi-Tech Coatings to the ICP family and to enter into this long-term, strategic partnership with Heidelberg,” Mattscheck added. “We’re looking forward to providing Heidelberg and Hi-Tech Coatings’ customers with exceptional service, an expanded product offering, and an expanded commitment to innovation and growth going forward.”