DECEMBER 03 2013
Ashtabula, Ohio, U.S.A./Vantaa, Finland, December 3, 2013 - Global supplier of pigment and chemical dispersions Chromaflo Technologies and integrated tinting specialist CPS Color's colorant business combine to create one of the leading independent global colorant system and pigment dispersion platforms worldwide, serving customers in architectural and industrial coatings as well as the thermoset plastics markets. As a result of the combination, the former CPS Color Equipment Business Unit will become a standalone company under the well-known brand name COROB.
The new colorants and dispersions specialist will operate under the name Chromaflo Technologies and will be headquartered in Ashtabula, Ohio, USA, with production facilities in the U.S., Canada, the Netherlands, Finland, Australia and China. Sales and technical support will also be provided throughout North and South America, Europe, Australia, China, India and South East Asia. Chromaflo Technologies will have global sales, manufacturing and technical capabilities with revenue in excess of US $400 million annually.
"The combination of the CPS Colorants business with Chromaflo Technologies is a perfect fit of two players in different segments of the colorants industry," said Scott Becker, CEO of the new Chromaflo Technologies. "This combination brings together complementary manufacturing capabilities, broadens our base of technologies and expands our global platform. All of this when backed with a strong customer focus by an experienced team will enable us to meet customers' varied requirements on both a local and global basis."
Peter Baggen, formerly Executive Vice President Colorants at CPS Color, will run the EMEA operations of Chromaflo Technologies. He said, "The new platform will allow us to create greater value and provide expanded opportunities for our customers. Integrated tinting, which means having the best possible product in each part of the tinting process, will remain our focus."
The new combined company will be majority owned and controlled by Arsenal Capital Partners. Nordic Capital Fund VI will hold a minority shareholding in Chromaflo Technologies.
Brand Name COROB Strengthened as a Stand-alone Company
The CPS Color Group's Equipment Business, which includes dispensing, mixing and shaking equipment, is not included in the combination with Chromaflo and CPS Colorants and will become a standalone company operating under the name COROB.
Tero Telaranta, formerly Executive Vice President Equipment at CPS Color, and new CEO of COROB said, "Being a stand-alone company will allow COROB to fully focus on its core business, which is providing tinting equipment solutions designed to meet our customers' varying needs."
With an installed base of over 100,000 units, COROB generated €78 million of turnover in 2012 selling dispensers, mixers and shakers. COROB will continue to be owned by Nordic Capital Fund VI.
Strategic Development Manager
P.O. Box 816
2600 Michigan Ave.
Ashtabula, OH 44004-0816 USA
P: +1 (440) 536-9689
Marketing Communications Manager
CPS COLOR BV
P.O. Box 809
6130 AV Sittard, the Netherlands
About Chromaflo Technologies
Chromaflo Technologies is a major independent global supplier of chemical and pigment dispersions to the thermoset composites and architectural and industrial paint and coatings industries. Chromaflo Technologies was created in April 2012 through Arsenal Capital Partners' concurrent acquisitions and integration of Plasticolors, Inc. and Evonik Industries' Colortrend global colorants business. For additional information on Chromaflo Technologies, please visit www.chromaflo.com.
About CPS Color
CPS Color Colorants is a leading producer of colorants for architectural and industrial paints and façade paints and plasters. Based in Vantaa, Finland, CPS Colorants boasts a broad global presence through its three manufacturing sites in the Netherlands, Finland and China, and tolling operations, R&D / technical service centers and a distribution network across the globe including high-growth markets such as Asia and Latin America. The company was formed from two predecessor companies. Tikkurila CPS and Winter-Bouts, and was acquired by Nordic Capital Fund VI in June 2008. For additional information on CPS Color, please visit www.cpscolor.com.