DIC had planned a restructuring of the company and concluded that the sale of all shares of Reichhold to the existing management team was in the best interest of both firms.
Under the terms of the agreement, although DIC will retain the Austrian coatings operations, both DIC and Reichhold will be free to continue to independently supply the worldwide coatings markets.
Reichhold is a manufacturer of resins, gel coats and bonding pastes for the composites industry and a supplier of polymers for the coatings and graphic arts markets. With 1,600 employees and 16 manufacturing facilities worldwide, Reichhold's manufacturing reach includes 11 plants in the Americas, four in Europe and one in the Middle East. Reichhold's world headquarters and technology center is located in Research Triangle Park, N.C.
The name Reichhold will be retained under the new ownership. The executive management team will continue to lead the company in their current roles.