EAST WINDSOR, NJ - Elementis Specialties Inc. has agreed to purchase the assets of Hi-Mar Specialty Chemicals, a U.S. coatings additives company, for a cash consideration of $33 million.
Hi-Mar was established in 1973 and is a leading supplier of defoamers to the coatings, construction and oilfield drilling industries. The company’s manufacturing and technical facilities are based in Milwaukee, WI. The acquisition of Hi-Mar will further expand Elementis Specialties' product and technical service offering in these segments.
Further growth will be driven by combining the market positions, technical capabilities and product portfolios of the two businesses, to provide customers with an enhanced product and service offering and to further expand sales of Hi-Mar products beyond North America.
The transaction was signed and closed on February 19, 2013, and is expected to be earnings enhancing in the current year.