Cathay Industries acquires Hoover Color Corporation
Friday, 1st July 2016
Leading global iron oxide pigment manufacturer Cathay Industries has agreed to acquire Hoover Color Corporation (Hiwassee, VA) for an undisclosed amount.
The transaction is expected to close within the third quarter of 2016, subject to customary closing conditions.
Commenting on the transaction, Terence Yu, Group chief executive officer, Cathay Industries, said, “The acquisition of Hoover Colour further strengthens our colour pigments business as well as enhancing our capabilities. As market leader in natural occurring Umbers and unique eco-friendly Transparent Iron Oxides, Hoover Colour brings a century of customer focus to the Cathay Industries Group”.
“Merging our two companies will complement Cathay’s focus on innovation, sustainability, and position us as a leading supplier of performance pigments with a unique offering for the paints and coatings industry,” said Yu.
Charles Hoover, president of Hoover Colour Corporation said “Over the last 25 years, Cathay Industries has led the restructuring of the iron oxide industry through innovative technology, and this partnership cements the relationship our two companies have developed over the last two decades. All of us at Hoover Colour look forward to exciting times ahead for the combined businesses.”
The transaction will not affect Hoover Colour’s existing product range and supply will continue seamlessly. Hoover will join the executive team at Cathay Industries and continue in his role as president of the Hoover Colour newly formed division of Cathay Industries.
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