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Elementis Specialties has agreed to purchase the assets of Hi-Mar Specialty Chemicals, a USA coatings additives company, for a cash consideration of U$33M.
Hi-Mar was established in 1973 and is a leading supplier of defoamers to the coatings, construction and oilfield drilling industries, with manufacturing and technical facilities based in Milwaukee, Wisconsin.
Further growth will be driven by combining the market positions, technical capabilities and product portfolios of the two businesses, to provide customers with an enhanced product and service offering and to further expand sales of Hi-Mar products beyond North America.
The transaction was signed on February 19 and is expected to be earnings enhancing in the current year.