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Reichhold declares Management Buyout Research Triangle Park, NC
13 Sep '05
4 min read
Multi-national chemical company Reichhold announces that the Executive Management Team, led by President and CEO John S. Gaither, has reached agreement with Dainippon Ink and Chemicals, Incorporated (DIC) for a management buyout. Reichhold has been the wholly owned subsidiary of DIC since 1987. The agreement was signed on September 12, 2005 and is planned to close on September 30, 2005.
DIC had planned a restructuring of the company and concluded that the sale of all shares of Reichhold to the existing management team was in the best interest of both firms.
CEO John S. Gaither said that they appreciate the relationship they have enjoyed with DIC over the years. The relationship now takes on a different character, but they anticipate that it will continue to be a productive and cordial one.
"Today marks the beginning of a new chapter in Dainippon's relationship with Reichhold," stated DIC President, Dr. Koji Oe. "It will develop a fruitful relationship and look to a bright future for both our companies."
Under the terms of the agreement, although DIC will retain the Austrian coatings operations, both DIC and Reichhold will be free to continue to independently supply the worldwide coatings markets.
Reichhold is one of the world's largest manufacturers of resins, gel coats and bonding pastes for the composites industry and a leading supplier of a wide variety of polymers for the coatings and graphic arts markets. With 1,600 employees and 16 manufacturing facilities worldwide, Reichhold's manufacturing reach includes 11 plants in the Americas, four in Europe and one in the Middle East. Reichhold's world headquarters and technology center is located in Research Triangle Park, North Carolina.
DIC had planned a restructuring of the company and concluded that the sale of all shares of Reichhold to the existing management team was in the best interest of both firms.
CEO John S. Gaither said that they appreciate the relationship they have enjoyed with DIC over the years. The relationship now takes on a different character, but they anticipate that it will continue to be a productive and cordial one.
"Today marks the beginning of a new chapter in Dainippon's relationship with Reichhold," stated DIC President, Dr. Koji Oe. "It will develop a fruitful relationship and look to a bright future for both our companies."
Under the terms of the agreement, although DIC will retain the Austrian coatings operations, both DIC and Reichhold will be free to continue to independently supply the worldwide coatings markets.
Reichhold is one of the world's largest manufacturers of resins, gel coats and bonding pastes for the composites industry and a leading supplier of a wide variety of polymers for the coatings and graphic arts markets. With 1,600 employees and 16 manufacturing facilities worldwide, Reichhold's manufacturing reach includes 11 plants in the Americas, four in Europe and one in the Middle East. Reichhold's world headquarters and technology center is located in Research Triangle Park, North Carolina.
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