IMCD to acquire US specialty chemicals distributor E.T. Horn Company
ROTTERDAM, The Netherlands (12 June 2018, 07:00 CET) - IMCD N.V. ("IMCD" or "Company"), a leading distributor of specialty chemicals and food ingredients, today announces that it signed an agreement to acquire 100% of the outstanding shares of E.T. Horn Company ("HORN"). HORN is an excellent fit with IMCD's US activities and supports the strategy of offering to its suppliers and customers an organisation with national US coverage and dedicated segment expertise. The deal is subject to fulfilment of transaction related conditions and customary regulatory review.
HORN was established in 1961 and is a leading specialty chemicals distributor in the US with a focus on coatings, construction, plastics, personal care, human food & nutrition, animal nutrition, nutraceuticals and other specialties. With a head office in La Mirada, California HORN represents leading suppliers and is primarily focused on the West and South West regions of the US. In 2017, HORN generated revenue of USD 276 million, a normalised EBITDA of USD 12 million and has approximately 200 employees.
Marcus Jordan, President of IMCD Americas, commented: "HORN is a leading specialty distributor in the US with an excellent reputation. There is a very good fit between HORN and our current US organisation and we are convinced that we can jointly offer exciting opportunities to our staff, suppliers and customers. Our combined businesses are excellently positioned to achieve accelerated growth on a national US basis through our specialist market focused teams".
Bob Ahn and Jeff Martin, Board members of HORN: "HORN and IMCD have similar strategies and cultures and we look forward to working together to expand our business in the US further".
The acquisition will be paid from available cash and existing facilities.
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