ICP Group to Acquire High-performance Coatings Manufacturer
Innovative Chemical Products Group (ICP Group) has announced that it has entered into a purchase agreement to acquire Hi-Tech Coatings, a developer and manufacturer of high-performance coatings for the packaging and commercial printing industries, from Heidelberger Druckmaschinen AG (Heidelberg).
Transaction to Get Finalized by the End of 2019
ICP Group expects the transaction to be finalized by the end of 2019, at which point Hi-Tech Coatings will become part of ICP Industrial Solutions Group (ISG).
“When the sale is finalized, ICP ISG will have additional services, resources and solutions to offer not only its own customers, but those of Hi-Tech Coatings as well,” said Doug Mattscheck, CEO, ICP Group. “The acquisition will also allow us to expand our product offerings within the high-performance water-based and ultraviolet-curable coatings and expand our international customer base in Europe, the Middle East and Asia-Pacific regions.”
Hi-Tech Coatings has provided professionals with high-quality coatings for nearly 30 years. Once acquired, Hi-Tech Coatings will also expand ICP Group’s manufacturing footprint by adding new production facilities in the United Kingdom, the Netherlands and an additional facility in the United States (Michigan).
The Hi-Tech Coatings acquisition also will expand ICP ISG’s exposure to high-growth global-packaging end markets.