International. The inorganic pigment industry of this sustainable manufacturer of complete color solutions will be significantly strengthened through this transaction.
Cathay Industries announces that it has entered into an agreement with Venator Materials PLC (Venator) to purchase its iron oxide pigments business.
Cathay Industries is a sustainable manufacturer of complete colour solutions, and its inorganic pigments industry is now significantly strengthened through this transaction.
The target business, Venator's iron oxide pigment, achieved steady growth and maintained profitability amid the pandemic and market fluctuations, demonstrating strong competitiveness and resilience.
"The acquisition of Venator's iron oxide pigments operation transforms our global manufacturing footprint, providing tremendous synergies and new growth opportunities," said Cathay Industries Group CEO Terence Yu.
In addition to Venator's product portfolio, the acquisition includes eight manufacturing sites and one administrative site, in six countries on four continents. This transformative investment demonstrates Cathay's commitment to expanding its global network, with personalisation capabilities close to its customers and partners.
"We will remain strategically focused on continuing Cathay's exceptional level of quality, product sustainability, innovation, service and supply chain security for our valued customers and partners," added Mr. Yu.
With a shared culture focused on customer centricity, production excellence and sustainability, Cathay Industries management sees strong complementarities between the two businesses and looks forward to welcoming the Venator team and partnering for long-term value creation.
The transaction is expected to close by the end of the first quarter of 2023, subject to customary closing conditions. UBS AG acted as financial advisor to Cathay. White & Case acted as international legal counsel to Cathay Industries.
