Element Solutions Inc Announces Acquisition of H.K. Wentworth Group
MIAMI--(BUSINESS WIRE)-- Element Solutions Inc (NYSE:ESI) ("Element Solutions"), a global and diversified specialty chemicals company, today announced its acquisition of H.K. Wentworth Limited (“HKW”), a leading UK-based manufacturer of electro-chemicals for the electronics, LED, automotive and industrial manufacturing industries for approximately $60 million, funded from cash on hand. HKW is a global specialist in formulated chemical solutions offering an array of products, including thermal management materials, conformal coatings, encapsulation resins, electronic cleaning solutions and general maintenance products with a presence in over 55 countries. The business has manufacturing facilities in the U.K., India and China and its products serve customers globally across a diverse set of end-markets, including consumer electronics, telecommunications, medical, automotive, military and aerospace. HKW generated sales of approximately $44 million in 2020.
President and Chief Executive Officer Benjamin Gliklich said, “We are pleased to announce our acquisition of HKW, a business with great technology, history and promise. Their Electrolube product line is a direct and attractive adjacency to our electronics portfolio offering high-quality solutions that meet the increasingly important and rigorous requirements to protect electronics hardware in demanding applications. We believe their conformal coatings, thermal interface materials and other encapsulation products are purpose-built for the needs of next generation mobile and automotive electronics. Our global scale and relevant customer intimacy should allow us to grow this business substantially in the near-term. I am thrilled to welcome the HKW team to the Element Solutions family.”
About Element Solutions Inc
Element Solutions Inc is a leading 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, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, consumer packaging and offshore energy. More information about Element Solutions is available at www.elementsolutionsinc.com.
This press release contains forward-looking statements, including, but not limited to, statements regarding the anticipated benefits of the HKW acquisition and Element Solutions’ ability to grow this business in the near-term. These statements are based on management's estimates and assumptions with respect to future events, and are believed to be reasonable, though are inherently difficult to predict. Actual results could differ materially from those projected as a result of certain factors including, without limitation, factors included in Element Solutions’ periodic and other reports filed with the Securities and Exchange Commission. Element Solutions undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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Source: Element Solutions Inc
Released May 5, 2021