Italmatch Chemicals, chemical group active in the production and marketing of special additives for lubricating oils, water and oil & gas treatment and plastics, has acquired Detrex Corp, an American company with headquarters in Cleveland (Ohio) and specialized, through its subsidiary Elco Corporation, in the production of high performance lubricant additives, including additives for industrial petroleum products and high purity hydrochloric acid.
The acquisition is consistent with the internationalization process undertaken by the Group in recent years, with a particular focus on the American market, and reconfirms the objectives of expanding and perfecting the current production ranges. Indeed, the operation follows the recent acquisition of Sudamfos do Brasil, a reference company in Latin America in the marketing of phosphonates and other specialty chemicals, and takes place approximately one year after the acquisition of Compass Chemical International, an independent chemical company in North America, leader in the production and marketing of specialty additives for water treatment and oil & gas.
“We have known Elco, its products and its management for many years – he says Sergio Iorio, managing director of the Italmatch Chemicals Group – Elco will bring highly complementary products to the current Italmatch offer. Important commercial and strategic synergies will be developed both from a geographical point of view, with Italmatch Chemicals focused on the EMEA/AP and Elco markets in the NA/LATAM area, and from a product portfolio point of view where the complementarity of Italmatch and Elco is optimal. Italmatch excels in the field of special synthetic basestocks and antiwear additives and Elco in EP additives and additive packages for applications in lubricating greases and metalworking, products often used by the final formulators themselves.”
“The acquisition by Italmatch Chemicals presents a great opportunity for Detrex-Elco to be an integral part of an exemplary business model in the specialty chemicals sector” he says Thomas E. Mark, President and Chief Executive Officer of Detrex. “Elco and Italmatch have the same high production standards and are very similar in terms of mission and overall corporate culture.” adds Doug Church, President and CEO of Elco”.
"We are extremely satisfied with the outcome of the takeover bid and equally with the support received from leading international banking and financial institutions in finalizing the transaction - says Maurizio Turci, CFO, Corporate Affairs and HR Director of Italmatch Chemicals Group – This transaction allows us to continue the growth plan undertaken in recent years with a consequent and significant increase in the Group's overall turnover and operating margin.”
