CATHAY INDUSTRIES’ global team will be on hand at ChinaCoat 2016 in Guangzhou to showcase its range of High Chroma Reds, Low Viscosity Yellows and Heat Resistant Yellow, which are leading the way in technology advancement in high quality iron oxide pigments for the coating market.
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”.
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.
Hong Kong, 05 April 2016. Through acting in an environmentally conscious and socially responsible manner, pigment manufacturer CATHAY INDUSTRIES has been awarded the Silver status by EcoVadis. The EcoVadis organisation is active globally analysing companies from an ecological and socio-economical perspective. CATHAY has proven its reliability of the examined aspects environment, labour practices, fair business practices as well as sustainable procurement, confirming the company’s commitment in short and long term business activities.