MOSCOW (MRC) -- SK Capital (New York, New York) is acquiring a majority interest in Techmer PM (Clinton, Tennessee), a designer and producer of engineered compounds and polymer modifiers. John Manuck, president and CEO of Techmer, says access to the resources of SK Capital will allow Techmer to grow beyond North America, said Chemweek.
"“What we see is demand among the global OEMs for a reliable, high-quality, innovative partner, and we find it necessary to have a presence on every continent," he explains. Terms of the deal were not disclosed.
Manuck, who will continue to hold a significant ownership stake in Techmer, describes the transaction as a partnership. “SK is committed to helping Techmer grow our business globally," he says.
The only change in Techmer’s management team will be the addition of Michael McHenry, formerly of Ciba and BASF, “who will help us pull off the strategic road that we have in mind,” says Manuck. “We are preparing ourselves for taking great strides despite everything that is happening in the economic climate globally."
As MRC informed earlier, SK Capital Partners announced it will reinvest in Switzerland-based specialty chemicals provider Archroma to support its growth. Archroma has completed an offering of its credit facilities including a multi-currency revolving credit establishment, a facility for capital expenditures, and term loans.
As MRC informed earlier, Russia's output of chemical products rose by 4.4% year on year in May 2020 . Thus, production of basic chemicals increased year on year by 5.4% in the first five months of 2020. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the output in January-May.
Founded in 1981, Techmer currently has six manufacturing sites in North America and more than 600 employees. In late 2017, the company opened its first plant outside the US, in Queretaro, Mexico.
MRC