| For Immediate Release
May 12, 2008
Mitsui Chemicals, Inc.
Mitsui Chemicals to Acquire SDC Technologies,
Inc.
Mitsui Chemicals, Inc. ("MCI") announced today
that on May 8, 2008 it entered
into a definitive stock purchase agreement to acquire all
of the outstanding shares of Silvue Technologies Group, Inc.,
the holding company for SDC Technologies, Inc. ("SDC"),
which manufactures and sells high performance coating materials
for plastics and non-ferrous metals. MCI agreed to acquire
SDC from its current stockholders, which are comprised of
Compass Group Diversified Holdings ("Compass") and
SDC's management team. The completion of the transaction is
expected to occur in June 2008, subject to the satisfaction
of the closing conditions set forth in the stock purchase
agreement.
1. Objective of Acquisition
Under its new Mid-term Business Plan starting in fiscal 2008,
MCI has set up a basic strategy for the Advanced Chemicals
Business Sector to increase its business scale by focusing
on M&A and establishing a third pillar in addition to
the Performance Materials and Basic Chemicals Business Sectors.
Through this acquisition, the Vision Care Materials business
is aiming to enhance its profitability as a core business
driven by ophthalmic lens materials.
We believe the acquisition of SDC will open up several promising
new areas for the MCI Group, including entry into ophthalmic
lens coating materials. This will accelerate MCI's own development
of new coating materials, which will further enhance the growth
and expansion of the Vision Care Materials business.
MCI will also seek additional synergies from the acquisition
through cooperation between a broad range of its businesses
and the newly acquired resources from SDC to create significant
value add.
2. Overview of SDC
- Company Name: SDC Technologies, Inc.
- History: Founded in 1986 as a joint venture between Dow
Corning Corporation and Swedlow, Inc.
- In 2004, acquired by Compass, a private equity fund and
current management
- Head Office: Irvine, California.
- Offices: Irvine, California: R&D, manufacture, sales
Chiba, Japan: Manufacture, sales Wales (U.K.): Sales Shanghai
(China): Sales
- Line of Business: Manufacture and sales of high performance
coating materials for plastics, glass and non-ferrous metals
Application: Ophthalmic lenses, automotive materials, etc.
- Employees: 60 employees
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