Strategic takeover of ILAG by Showa Denko K.K.
ILAG Group (ILAG), a specialty non-stick coating chemicals manufacturing company headquartered in Wangen, near Zurich (Switzerland), has announced that Showa Denko K.K. (SDK) has signed the sales and purchase agreement to acquire all shares of ILAG from the current owners, a coalition of investors led by Helvetica Capital AG, a Swiss-based private equity firm. The change of ownership will be completed within the next months.
Employees and assets of ILAG will be retained
ILAG supplies its non-stick coatings in both the field of consumer goods and industrial goods. Its major customers are many of the leading cookware manufacturing companies and automotive manufacturers in Europe and the World. All employees and assets of ILAG will be retained, and the full management team have signed multi-year retention contracts.
The acquisition of ILAG follows SDK’s recent purchase of GMM Nonstick Coatings (GMM), a manufacturer of non-stick coatings that is one of the major players in the United States market. GMM and ILAG are highly synergistic, and will operate as sister companies under a newly formed coatings business unit. GMM Nonstick Coatings CEO Ravin Gandhi will lead GMM, and ILAG CEO Hans Georg Geisel will lead ILAG, while working together to increase operating efficiencies and technology transfers within the shared business unit.
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