Mitsui Chemicals to Acquire SDC Technologies, Inc.
May 12, 2008
Mitsui Chemicals, Inc.
Mitsui Chemicals, Inc. (“MCI”) announced today that on May 8, 2008 it entered into a definitive stock purchase agreement to acquire all of the outstanding shares of Silvue Technologies Group, Inc., the holding company for SDC Technologies, Inc. (“SDC”), which manufactures and sells high performance coating materials for plastics and non-ferrous metals. MCI agreed to acquire SDC from its current stockholders, which are comprised of Compass Group Diversified Holdings (“Compass”) and SDC’s management team. The completion of the transaction is expected to occur in June 2008, subject to the satisfaction of the closing conditions set forth in the stock purchase agreement.
1. Objective of Acquisition
Under its new Mid-term Business Plan starting in fiscal 2008, MCI has set up a basic strategy for the Advanced Chemicals Business Sector to increase its business scale by focusing on M&A and establishing a third pillar in addition to the Performance Materials and Basic Chemicals Business Sectors. Through this acquisition, the Vision Care Materials business is aiming to enhance its profitability as a core business driven by ophthalmic lens materials.
We believe the acquisition of SDC will open up several promising new areas for the MCI Group, including entry into ophthalmic lens coating materials. This will accelerate MCI’s own development of new coating materials, which will further enhance the growth and expansion of the Vision Care Materials business.
MCI will also seek additional synergies from the acquisition through cooperation between a broad range of its businesses and the newly acquired resources from SDC to create significant value add.
2. Overview of SDC
| (1) Company Name | SDC Technologies, Inc. |
|---|---|
| (2) History | Founded in 1986 as a joint venture between Dow Corning Corporation and Swedlow, Inc. In 2004, acquired by Compass, a private equity fund and current management |
| (3) Head Office | Irvine, California. |
| (4) Offices | Irvine,California: R&D, manufacture, sales Chiba, Japan: Manufacture, sales Wales (U.K.): Sales Shanghai (China): Sales |
| (5) Line of Business | Manufacture and sales of high performance coating materials for plastics, glass and non-ferrous metals Application: Ophthalmic lenses, automotive materials, etc. |
| (6) Employees | 60 employees |
Attachment
Mitsui Chemicals to Acquire SDC Technologies, Inc.(PDF:55KB)
