Element Solutions Inc Announces Share Purchases by Company and Executive Chairman
MIAMI--(BUSINESS WIRE)-- Element Solutions Inc (NYSE:ESI) (“Element Solutions” or the “Company”), a global and diversified specialty chemicals company, announced today that it has repurchased 1,500,000 shares of the Company’s common stock from affiliated entities of Nicolas Berggruen, a co-founder and former director of the Company, in a negotiated transaction at a price of $11.50 per share. In addition, Executive Chairman Sir Martin E. Franklin purchased 500,000 shares and unaffiliated third-party investors acquired additional shares representing all of Mr. Berggruen’s remaining shares of the Company’s common stock.
Executive Chairman Martin E. Franklin said, “Element Solutions’ performance through its first year and a half has been exceptional, particularly in light of the macro environment. We have outperformed our end markets, become more efficient, and generated very strong cash flows. I am ever-more confident in our team and our business and encouraged by its momentum heading into the end of this year. Nicolas Berggruen has been a great partner to me in Element Solutions and other investments for many years. While I am sad to see him sell his remaining shares, I am happy those shares have new long-term holders including myself.”
About Element Solutions
Element Solutions Inc is a leading global specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, the innovative solutions of the Company's businesses enable customers' manufacturing processes in several key industries, including electronic circuitry, semiconductor, communications infrastructure, automotive systems, industrial surface finishing, consumer packaging and offshore energy.
More information about the Company is available at www.elementsolutionsinc.com.
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Associate Director, Corporate Development & IR
Element Solutions Inc
Source: Element Solutions Inc
Released October 7, 2020