PMC Group, of Mount Laurel, is involved in the biggest acquisition in its 14-year history.
The privately held maker of specialty chemicals and plastics has agreed to buy the oleochemical business of Chemtura Corp., of Middlebury, Conn. Neither side would release the terms of the transaction.
PMC is not a household name among the Philadelphia region's chemical companies. Founded in 1994, PMC was started by Paritosh M. Chakrabarti, former chief of technology at PPG Industries. He led the acquisition of PPG's polymer products business; his initials gave PMC its name.
Spokeswoman Patti Griggs said that the pending acquisition of the Chemtura business would be PMC's largest acquisition to date. The deal covers a factory in Memphis, Tenn., that employs 275 people. The oleochemicals business had revenues of about $175 million in 2007.
Both Chemtura and PMC expect the transaction to close by March 31.
PMC employs a total of about 200 people at two factories in Pennsylvania: Crystal Inc.-PMC in Lansdale and Polymer Products Co. Inc. in Stockertown. It also owns the only producer of audio cassettes (remember them?) in the United States. That would be Lenco Inc., with operations in Nebraska.
A global company, PMC has operations in France, India and Canada.
Comments (1)
Audio Cassettes? Wow. Are people still buying them? The only thing I have left on tapes are old live concerts. Funny.
Posted by MAK | January 28, 2008 4:59 PM
Posted on January 28, 2008 16:59