KIK Custom Products Inc had agreed to acquire Chemtura Corp's consumer products business. The consideration for such purchase is USD315 million in cash and the said transactions is expected to be completed by the end of 2013.
Chemtura's consumer products business is better known as BioLab in North America, and Bayrol in Europe. KIK, on the other hand is based out of Toronto, Canada, and is a portfolio company of CI Capital Partners.
The specific provisions are subject to customary adjutments upon closing, as well as regulatory approvals.
According to KIK CEO Jeff Nodland, "This acquisition will be an important step in the next stage growth of our company. We expect it to contribute to generating strong free cash flow whole divesifying our product portfolio and expanding our customers and channels. The BioLab and Bayrol busineses have a history of innovation and excellent service in the markets they serve. We are excited about this acquisition 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."
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