ASHTABULA, OH/VANTAA, Finland - Global supplier of pigment and chemical dispersions Chromaflo Technologies and integrated tinting specialist CPS Color’s colorant business are combining to create an independent global colorant system and pigment dispersion platform that will serve customers in architectural and industrial coatings and the thermoset plastics markets. As a result of the combination, the former CPS Color Equipment Business Unit will become a stand-alone company under the brand name COROB.
The new colorants and dispersions specialist will operate under the name Chromaflo Technologies and will be headquartered in Ashtabula, OH, with production facilities in the United States, Canada, the Netherlands, Finland, Australia and China. Sales and technical support will also be provided throughout North and South America, Europe, Australia, China, India, and Southeast Asia. Chromaflo Technologies will have global sales, manufacturing and technical capabilities with revenue in excess of $400 million annually.
The new combined company will be majority owned and controlled by Arsenal Capital Partners. Nordic Capital Fund VI will hold a minority shareholding in Chromaflo Technologies.
The CPS Color Group’s equipment business, which includes dispensing, mixing and shaking equipment, is not included in the combination with Chromaflo and CPS Colorants. That business unit will become a standalone company operating under the name COROB. With an installed base of over 100,000 units, COROB generated €78 million of turnover in 2012, selling dispensers, mixers and shakers. COROB will continue to be owned by Nordic Capital Fund VI.