CoorsTek Acquires Covalent Materials in Global Expansion
CoorsTek, Inc. and Covalent Materials Corporation, a leading Japanese engineered ceramics manufacturer, today announced that CoorsTek has reached a definitive agreement with the Carlyle Group and Unison Capital Group to acquire Covalent Materials. The parties expect the transaction to close on December 26, 2014. Both companies possess uniquely strong competencies in a variety of materials. With the addition of Covalent, CoorsTek will further its leadership in engineered ceramics, through a market-leading portfolio of over 300 materials and the industry's largest and most sophisticated research and development infrastructure, with centers in North America, Europe, and Asia.
The combined entity will have over 50 production facilities in 14 countries across 4 continents, with over 6,000 employees. The acquisition provides substantially expanded access to Japanese and other key Asian markets, complementing CoorsTek's existing Japanese and South Korean operations as well as its strong North American, European and South American presence. CoorsTek and Covalent serve over 10,000 technology and manufacturing customers across all major industrial markets.
"CoorsTek has known Covalent, formerly Toshiba Ceramics, for many decades and has always had great respect for their materials expertise, product quality and innovation," said Dr. John Coors, Chairman, President, and Chief Executive Officer of CoorsTek. "The opportunity to combine the engineering know-how, manufacturing capabilities and reputation Covalent has developed over the past 96 years with what CoorsTek has developed over the past 104 represents a significant industry milestone and one that greatly contributes to attaining our vision to make the world measurably better."
"Covalent Materials Corporation knows that becoming a part of CoorsTek opens many new avenues for growth, from expanding the regions and industries we have both historically served to defining the next generation of applications for engineered ceramics and other advanced materials," said Toshio Nagahama, President and Chief Executive Officer of Covalent. "We are proud to be making the world's leading engineered ceramics company even more capable through the addition of our knowledge, relationships, employees and capabilities."
"CoorsTek and Covalent are each among the largest, most experienced and trusted providers of advanced, enabling technology to the semiconductor industry, with a complementary set of advanced materials competencies and manufacturing capabilities," said Jonathan Coors, Chief Executive Officer of the CoorsTek Semiconductor and Medical Group. "We are poised to become the broadest and most capable provider of these key technologies to an industry that touches billions of lives daily, fulfilling a key role in our customers' development of ever-more amazing solutions."