As a result of the combination, the former CPS Color Equipment Business Unit will become a stand-alone company under the brand name COROB.
The new colorants and dispersions business 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.