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AUSTIN, Texas, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Wilsonart Engineered Surfaces today announced that it has entered into a definitive agreement to sell its Wilsonart Asia business to Aica Kogyo Co., Ltd., a major manufacturer in Asia of chemicals and building materials, and the Development Bank of Japan Inc., a co-investor in the transaction. The transaction is expected to close in the fourth quarter of 2019, subject to the satisfaction of customary closing conditions. The acquisition price is $150M, subject to certain adjustments.
Tim O’Brien, President and Chief Executive Officer of Wilsonart LLC, said, “This transaction is a great opportunity for the Wilsonart Asia business to combine with a leader in the Asia market that has strong presence and scale in the region. This decision is consistent with our strategy to position the Wilsonart Engineered Surfaces portfolio of brands and products in markets to which we have the scale and opportunity to add the most value for our customers. The sale of the Asia business allows us to sharpen our focus on business units in which we are better positioned for long-term value creation. It also positions our Asia business with a leader in the Asia building products space and gives it the scale that will help it further grow and succeed in the future. On behalf of the entire Wilsonart organization, I want to express our great appreciation for the many contributions that our colleagues in the Asia operations have made to Wilsonart.”
Yuji Ono, Representative Director and President of Aica Kogyo Co., Ltd., said, “With this deal, we have secured a world-class platform of valuable production facilities, sales networks, a strong brand and a successful group of managers and employees within the Asia Pacific region, which will serve to further the development of building materials business in Asia. For building material business such as high pressure laminates, our group currently has production facilities located in Japan, Indonesia, India and Vietnam. The addition of Wilsonart Asia’s production facilities in Thailand, China, and Australia will bring a build-up of a mutually complementary relationship. We look forward to working with our new colleagues and exploring the synergies that will further expand the business in the region.”
Wilsonart, a world-leading engineered surfaces company, is driven by a mission to create surfaces people love, with service they can count on, delivered by people who care. The Company manufactures and distributes High Pressure Laminate, Quartz, Solid Surface, Coordinated TFL and Edgebanding and other decorative engineered surfaces for use in the office, education, healthcare, residential, hospitality, and retail markets. Operating under the Wilsonart®, Arborite®, Bushboard, Durcon®, KML, Laminart®, Mermaid, New Leaf, Polyrey®, Ralph Wilson®, Resopal®, Shore, Technistone® and Wetwall brands, the company continuously redefines decorative surfaces through improved performance and award-winning designs.
AICA Kogyo Co., Ltd. has grown steadily since it was established in 1936, as a chemical manufacturer, constantly turning out new materials, designs, and technologies over the years. AICA now focuses on a value-added product lineup ranging from chemical products and building materials to specialty & performance materials, by taking advantage of its core expertise in resin technology. For Asia, AICA has already deployed its business widely, especially for industrial adhesive and decorative laminates, as a leading manufacturer through its wholly owned subsidiaries “AICA Asia Pacific Holding (AAPH)” and “AICA Asia Laminates Holding (AALH)” respectively.
|For inquiries from Japan|
|Danielle Mikesell||Nobuyoshi Sakai / Kaori Takasoe|
|Vice President, Marketing & Design||AICA Kogyo Co., Ltd.|
|Wilsonart Engineered Surfacesemail@example.com /|
|For inquiries from Asia ex-Japan|
|Yusuke Saito, Director|
|AICA Asia Laminates Holding Co., Ltd.|