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