TOKYO/NEW YORK/MORRISVILLE, PA — Mitsubishi Chemical Corp. (MCC) announced that its subsidiary Mitsubishi Chemical America Inc. (MCA) has entered into a definitive agreement to acquire all of the issued and outstanding shares of Gelest Intermediate Holdings Inc., the parent of Gelest Inc. and a portfolio company of New Mountain Capital LLC. Completion of the transaction is expected in 2020, pending customary regulatory review and approval.

Gelest is a manufacturer and supplier of silicones, organosilanes, metal-organics and specialty monomers for advanced technology end markets.

"We are excited to acquire Gelest, as its business fits well within MCC's long-term strategy," said Steve Yurich, President of MCA. "Since becoming familiar with Gelest, we have recognized the tremendous capabilities in research and development and production that help create its outstanding position with key customers. Furthermore, MCC's operating resources and customer network will enhance the ability to bring Gelest's technologies to market and accelerate the development of new customer solutions to drive advances in digital social infrastructure, vision care, and other life-sciences applications. We look forward to working alongside the team at Gelest to drive the continued growth of the company."

"We are extremely proud of the efforts of everyone who has contributed to make Gelest the company that it is today, with world-class technology and supply capabilities, made possible by the industry leading team we have built and support from NMC for our strategic investment programs. This has made Gelest an extremely valuable partner to customers around the world," said Barry Arkles, Chairman and CTO of Gelest. Ken Gayer, CEO of Gelest, added, "We are excited to join MCC during our next stage of growth. MCC's breadth and depth in the advanced materials sector will allow Gelest to create even more value for our customers and opportunities for our employees."