GEO to CPS
CPS Performance Materials, an Arsenal Capital Partners company that is active in performance polymers, fine chemicals and chemical illuminations, has acquired GEO Specialty Chemicals, which suppliers speciality chemicals and materials to the coatings, adhesives, medical, water treatment and construction markets from 19 sites in the US and Europe. Terms were not disclosed.
“Our strategy will focus on investing in GEO’s businesses which complement many of CPS’s existing positions in attractive end markets such as CASE additives, specialty chemicals for pharma and medical uses, nutrition, personal care and a wide range of industrial applications,” said Jeremy Steinfink, president and CEO of CPS. Ken Ghazey, CEO of GEO, will join the CPS board.
GEO is particularly strong in methacrylates for adhesive and coating applications, and is also the largest US producer of the amino acid glycine, which is mainly used in nutrition and pharmaceuticals. In recent years, it has expanded its position in such growth markets of as contact lenses, additives for oil and gas drilling, and municipal and industrial water treatment. Last year, it and other companies were accused of conspiring to fix the price of liquid aluminum sulfate for water treatment. The case was settled in January.
CPS was originally created in September 2017, when Arsenal acquired Cyalume Technologies as a new platform for speciality polymers and chemicals. Arsenal has also since acquired FAR Chemical, which makes speciality organic chemicals for many different industries, including pharmaceuticals, composites, coatings, electronics, flavours, fragrances and personal care.