OM Group Completes Acquisition of Electronics Businesses from Rockwood Holdings
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CLEVELAND, Jan. 2 -- OM Group, Inc. (NYSE:OMG) today announced that it has completed its previously announced acquisition of the electronics businesses from Rockwood Holdings, Inc. for approximately $315 million in cash, plus customary post closing adjustments. Included in the transaction is Rockwood's French electronic chemicals business which was originally subject to a put option that has since been exercised.
"This acquisition is another key step as we implement our long-range growth strategy," said Joseph M. Scaminace, chairman and chief executive officer. "The addition of Rockwood's electronics businesses expands our electronic chemicals growth platform and broadens our reach into high-growth markets around the world."
With 2006 revenues of approximately $187 million, Rockwood's electronics businesses supply customers with chemicals used in the manufacturing of semiconductors and printed circuit boards, as well as photo-imaging masks primarily for semiconductor and photovoltaic manufacturers.
OM Group's long-range growth strategy includes continued product innovation, as well as tactical and strategic acquisitions. The strategy is part of a transformational process designed to deliver sustainable and profitable volume growth, drive consistent financial performance and build long-term shareholder value.
ABOUT OM GROUP, INC.
OM Group, Inc. is a diversified global developer, producer and marketer of value-added specialty chemicals and advanced materials that are essential to complex chemical and industrial processes. Key technology-based end-use applications include affordable energy, portable power, clean air, clean water and proprietary products and services for the microelectronics industry. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia and Africa. For more information, visit http://www.omgi.com/.
FCMN Contact: Greg.Griffith@na.omgi.com
Source: OM Group, Inc.
CONTACT: Greg Griffith, vice president, strategic planning, development and investor relations, of OM Group Inc. +1-216-263-7455
Web site: http://www.omgi.com/
