The parent company of the Conyers BioLab manufacturing facility will be purchased by a Canadian chemical company, KIK.
KIK Custom Products Inc. announced today it entered into a stock purchase agreement to acquire the Consumer Products business of Chemtura Corporation, known as BioLab in North America and Bayrol in Europe.
The purchase price of the company is $315 million, and though subject to closing conditions and regulatory approvals, and is targeted to close on December 31, 2013.
"This acquisition will be an important step in the next-stage growth of our company," said Jeff Nodland, CEO, KIK. "We expect it to contribute to generating strong free cash flow while diversifying our product portfolio and expanding our customers and channels." KIK Classic Division President Stratis Katsiris added, "The BioLab and Bayrol businesses have a history of innovation and excellent service in the markets they serve. We are excited about this acquisition, which enhances our household cleaning portfolio and furthers our ongoing commitment to pool care." KIK entered the pool care business in 2011 with the acquisition of US-based Chem-Lab Products Inc.
Chemtura is headquartered in Lawrenceville. The Conyers manufacturing facility opened in 1973. According to the company's website, the Conyers facility houses several hundred square feet of warehousing and four production facilities. BioLab-Conyers supplies water-treatment products for pools and spas.
The Toronto, Canada-based KIK has more than $1.2 billion in 2012 sales and more than 3,000 employees. KIK includes 14 integrated manufacturing facilities throughout North America. KIK's product lines include bleach, household cleaners and sanitizers, pool and spa water treatment products and additives, personal care, over-the-counter medicated and pharmaceutical products, all supported by in-house technical expertise and value-added services. KIK produces national brand and private label consumer products for Fortune 500 companies. For more information about KIK, visit www.kikcorp.com.
Philadelphia, Penn.-based Chemtura Corporation, with 2012 sales of $2.6 billion, is a global manufacturer and marketer of specialty chemicals, agro chemicals, and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com.
