Element Solutions Inc., a global and diversified specialty chemicals company, has made a binding offer to acquire Coventya Holding SAS, a global provider of specialty chemicals for the surface finishing industry. Under the terms of the offer, Element Solutions will pay approximately $508 million (€420 million) in cash, including the assumption or repayment of debt, subject to certain adjustments. Upon the closing of the transaction, Coventya will join MacDermid Enthone Industrial Solutions and will be reported within the company’s industrial and specialty segment.
Coventya is a global specialist in developing metal finishing chemical technologies with an array of solutions that provide decorative and functional coatings for industrial end market.
President and CEO Benjamin Gliklich said, “Coventya has a long history of providing innovation and high-quality solutions in attractive niche markets like our own. We believe that Coventya’s deep customer relationships, solutions-orientation and outstanding team will improve our company and the breadth and quality of solutions we provide to our key markets. With this acquisition, we expect our MacDermid Enthone Industrial Solutions business to benefit from enhanced scale and strong complementary product offerings.”
Coventya CEO Erik Weyls said, “This transaction is a great milestone for our company. We expect Element Solutions to provide Coventya and its people with resources and capabilities that will accelerate our growth. This has long been a logical combination which we believe will provide customers with a broad suite of enhanced solutions that will be differentiated in our markets. I am incredibly proud of the team that has enabled Coventya’s success to date and thankful for their effort to build such an outstanding company.”