Archives June 2016

CATHAY INDUSTRIES acquires HOOVER COLOR CORPORATION

June 24, 2016 / 648 / Press
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Cathay Industries acquires Hoover Color Corporation

Leading global iron oxide pigment manufacturer Cathay Industries has agreed to acquire Hoover Color Corporation (Hiwassee, VA) for an undisclosed amount.

The transaction is expected to close within the third quarter of 2016, subject to customary closing conditions.

Commenting on the transaction, Terence Yu, Group Chief Executive Officer, Cathay Industries, said, “The acquisition of Hoover Color further strengthens our color pigments business as well as enhancing our capabilities. As market leader in natural occurring Umbers and unique eco-friendly Transparent Iron Oxides, Hoover Color brings a century of customer focus to the Cathay Industries Group”.

“Merging our two companies will complement Cathay’s focus on innovation, sustainability, and position us as a leading supplier of performance pigments with a unique offering for the paints and coatings industry,” said Mr Yu.

Charles Hoover, President of Hoover Color Corporation said “Over the last 25 years, Cathay Industries has led the restructuring of the iron oxide industry through innovative technology, and this partnership cements the relationship our two companies have developed over the last two decades. All of us at Hoover Color look forward to exciting times ahead for the combined businesses.”

The transaction will not affect Hoover Color’s existing product range and supply will continue seamlessly.

Mr Hoover will join the executive team at Cathay Industries and continue in his role as President of the Hoover Color newly formed division of Cathay Industries.

About Cathay Industries

Cathay Industries is one of the world’s leading manufacturers of synthetic iron oxide pigments. The business areas of the company include iron oxide pigment for the construction industry, high technology grades for the use in coatings systems as well as highest purity iron oxides for cosmetics, food and pharmaceutical applications. The portfolio is complimented by a number of synergistic products. Established in 1979, the Cathay Industries GROUP, with production sites in the USA, China, Belgium and Australia has been dynamically growing. The success of CATHAY INDUSTRIES is based on significant investment into latest production technologies. For further information visit www.cathayindustries.com

CATHAY INDUSTRIES acquires HOOVER COLOR CORPORATION

June 24, 2016 / 1109 / News
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Cathay Industries has agreed to acquire Hoover Color Corporation (Hiwassee, VA) for an undisclosed amount. The transaction is expected to close within the third quarter of 2016, subject to customary closing conditions.

Commenting on the transaction, Terence Yu, Group Chief Executive Officer, Cathay Industries, said, “The acquisition of Hoover Color further strengthens our color pigments business as well as enhancing our capabilities. As market leader in natural occurring Umbers and unique eco-friendly Transparent Iron Oxides, Hoover Color brings a century of customer focus to the Cathay Industries Group”.
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CATHAY INDUSTRIES to expand iron oxide pigments production in Tongling

June 16, 2016 / 532 / Press
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CATHAY INDUSTRIES to expand iron oxide pigments production in Tongling (PRC)

 

Hong Kong, 17 June 2016. Leading global iron oxide pigment manufacturer CATHAY INDUSTRIES is set to expand its state-of-the-art iron oxide pigments production facility in China.

 

Following recent expansions at its Yixing site, the company is strengthening its manufacturing capabilities at its flagship site in Tongling, China, in a joint venture with Tonghua Group (Rely Science & Technology Co Ltd).

 

CATHAY INDUSTRIES Group CEO Mr. Terence Yu said, “This move signifies the next phase of our global growth and development strategy, while demonstrating leadership in the market in terms of both technology solutions and environmental responsibility and sustainability.” This phase 2 expansion will add 20,000 MT per annum (mtpa) of high-performance iron oxide pigments to the 65,000 MT site’s current capacity using our leading technology while meeting the highest environmental standards. With the ever-increasing pressure on global manufacturing facilities to operate responsibly, this expansion will provide the long-term sustainable supply the market requires.

 

Already awarded silver status from corporate social responsibility certifier ECOVADIS, CATHAY has implemented sustainability plans to achieve its gold status. The expansion supports the CATHAY Group’s transformative growth strategy, globally, particularly the consistent growth of its high-quality CATHAYCOAT™ product range, which already provides advanced solutions in the highly technical and demanding coatings and paint markets. Mr. Yu said, “With advancements to our proven iron oxide production technology, we will break new ground with a new range of high-chroma red iron oxide pigments, which are proven to effectively replace copperas reds in both solvent and waterborne systems. This will position CATHAY as the leading supplier of high-performance pigments with unique and sustainable product offerings.” Mr. Yu said, “Our high-purity expansion complements the company’s dedicated high-purity plant in Valparaiso (IN), USA, and is designed to meet the strict cGMP criteria set by IPEC-PQG. This marks an industry first in China. “Consistent with our Valparaiso plant, the new high-purity facility will be a dedicated stand-alone facility inside our Tongling operation. This will be the first iron oxide pigments manufacturing facility in China to meet the cGMP principles in the personal care, food and pharmaceutical industries, providing additional high-quality regional support for this fast-growing market“, Mr. Yu added.

 

Phase 2 of our expansion will provide:

 

  • 10,000 mtpa of high-quality precipitated yellow iron oxide for coatings and paints
  • 5,000 mtpa of high-quality precipitated red iron oxide for coating and paints
  • 5,000 mtpa of cGMP high-purity pigments (yellow, red, black)

 

Phase 2 expansions have commenced and commissioning of the new facility is targeted for first quarter 2018.

CATHAY INDUSTRIES to expand iron oxide pigments production in Tongling

June 16, 2016 / 1299 / News
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Following recent expansions at its Yixing site, the company is strengthening its manufacturing capabilities at its flagship site in Tongling, China, in a joint venture with Tonghua Group (Rely Science & Technology Co Ltd).

CATHAY INDUSTRIES Group CEO Mr. Terence Yu said, “This move signifies the next phase of our global growth and development strategy, while demonstrating leadership in the market in terms of both technology solutions and environmental responsibility and sustainability.” This phase 2 expansion will add 20,000 MT per annum (mtpa) of high-performance iron oxide pigments to the 65,000 MT site’s current capacity using our leading technology while meeting the highest environmental standards. With the ever-increasing pressure on global manufacturing facilities to operate responsibly, this expansion will provide the long-term sustainable supply the market requires.
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