CoorsTek Finalizes Acquisition of Covalent Materials Corporation
-- Strategic transaction creates a company with $1.25 billion in annual revenue, offering the most extensive engineered ceramics portfolio in the industry and serving over 10,000 technology and manufacturing customers worldwide
GOLDEN, Colorado and TOKYO, Dec. 29, 2014 /PRNewswire/ -- CoorsTek, Inc., the world's largest engineered ceramics manufacturer, today announced that it has finalized the acquisition of Covalent Materials, a leading Japanese engineered ceramics manufacturer.
This strategic acquisition furthers CoorsTek's leadership in engineered ceramics, through a market-leading portfolio of over 300 materials, including alumina, carbon, silica, silicon, silicon carbide, quartz, yttria and zirconia, supported by the industry's largest and most sophisticated research and development infrastructure, with centers in North America, Europe, and Asia.
CoorsTek now has over 50 production facilities in 14 countries across 4 continents, and 6,000 employees. The acquisition provides substantially expanded access to Japanese and other key Asian markets, complementing CoorsTek's existing Japanese and South Korean operations as well as its strong North American, European and South American presence. CoorsTek and Covalent serve over 10,000 industry leading technology and manufacturing customers across all major industrial markets. The semiconductor industry is a key market to the newly expanded CoorsTek, where it is among its largest, most experienced, and trusted providers of advanced, enabling technologies. The Covalent facilities are now a part of the CoorsTek Semiconductor and Medical group led by Jonathan Coors, its Chief Executive Officer. Toshio Nagahama, President and Chief Executive Officer of Covalent will remain in his position, reporting to Jonathan Coors.
"I am very pleased with our acquisition of Covalent Materials and adding their well-known competencies to an already strong CoorsTek," said Dr. John Coors, Chairman, President, and Chief Executive Officer of CoorsTek. "It extends our industry leadership in materials engineering and manufacturing capabilities while expanding both our customer base and overall market presence in Asia. We could not have found a better fit to support our strategic growth objectives."
"As Toshiba Ceramics and Covalent Materials, our company has amassed a great record of accomplishment and innovation, one that now becomes a part of a larger history – that of CoorsTek," said Toshio Nagahama. "The next chapters of our combined history will be characterized by nearly limitless possibilities and advances that make the world measurably better."
"CoorsTek sees significant opportunities to bring the combined strengths of CoorsTek and Covalent to meet the present and future needs of the global semiconductor market," said Jonathan Coors, Chief Executive Officer of the CoorsTek Semiconductor and Medical Group. "As one company our potential to provide transformational solutions is unmatched in the industry at a time when the impact of semiconductor technology on society has never been greater."
About CoorsTek
CoorsTek makes the world measurably better as the partner of choice for technology and manufacturing companies worldwide whose success requires the unique, high-performance properties of products manufactured from engineered ceramics and advanced materials. CoorsTek products and components touch people's lives through amazing solutions to global challenges in energy, transportation, information technology, healthcare, and defense, among others. For more information about CoorsTek, including product information, its history since 1910, and locations throughout North America, South America, Europe and Asia, visit www.coorstek.com. For more information about Covalent Materials please visit www.covalent.co.jp.
Corporate Contacts:
CoorsTek- in USA
Dane Bartlett Chief Administrative Officer, General Counsel & Secretary
+1-303-271-7000
dbartlett@coorstek.com
CoorsTek- in Japan (formerly Covalent Materials)
Shiro Inoue, Head of Legal Group
+81-3-5437-6265
s.inoue@covalent.co.jp
Media Contacts:
CoorsTek- in USA
Rick Keating
Keating/co
+1-212-925-6900 (office)
+1-917-767-2400 (mobile)
bfallon@keatingco.com
CoorsTek-in Japan (formerly Covalent Materials)
Shiro Inoue, Head of Legal Group
+81-3-5437-6265
s.inoue@covalent.co.jp
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