Milliken, a global diversified manufacturer with more than half a century of material science expertise, announced that it has signed an agreement to acquire the global specialty chemicals company Borchers Group Limited ("Borchers"). Borchers is from The Jordan Company (TJC) and is known for its innovative high-performance coating additives and special catalyst solutions. According to customary closing conditions, this acquisition is expected to be completed in January 2020.
Headquartered in Westlake, Ohio, Borchers has a broad portfolio of paint, ink, and adhesive additives, including cobalt-free desiccants, dispersants, rheology modifiers, wetting agents, polymerization catalysts, and tackifiers. Borchers joined Milliken to further consolidate its expertise in special coating additives. This is consistent with the company's strategic goal of developing a global growth platform.
Halsey Cook, President and CEO of Milliken said: "By acquiring a company that aligns with our values, I am very happy to accelerate our commitment to innovation and sustainable development. Borchers brings special technical expertise, Will strengthen Milliken's strength and promote our development. "
Devlin Riley, President and CEO of Borchers, said: "We are pleased to work with Milliken to further invest in our business, build our global platform, and continue to provide customers with innovative and satisfying solutions. When our capabilities With the combination of Milliken ’s technology and depth of innovation, we can provide better solutions for the market. I would like to thank the TJC team for their guidance and strong partnership. "
Erik Fagan, a partner at TJC, added: "The Devlin and Borchers teams have spent a strong period of internal and acquisition growth for the company. We are honored to work with Borchers management and are happy to see the continued impact of their products on customers. "
Russ Rudolph, Senior Vice President, Milliken Chemical Division, said: "We will combine the advantages of Borchers and Milliken to achieve a scientific leap for our customers. Borchers has expanded our business scope and increased our technical expertise to enable us to Further chemical innovation in the global specialty chemicals market. "
Jones Day represented Milliken in the transaction. Moelis & Company LLC served as financial advisor, and Mayer Brown LLP served as legal advisor to Borchers and TJC.