The German chemicals company expands its U.S. presence with the acquisition of FairfieldÂs Rad-Cure.GermanyÂs Altana Chemie AG has signed an agreement to buy Rad-Cure of Fairfield, a maker of coatings and adhesives for the packaging sector, for an undisclosed sum. The transaction, which is subject to U.S. regulatory approval, is expected to close in the first quarter.
Altana Chemie aims to strengthen its market presence in North America with the deal, which follows its purchase of Cinnaminson, Pa.-based Kelstar International late last year. Both purchases reflect AltanaÂs strategic shift away from industrial coatings to packaging products.
Rad-Cure reported sales of some $10 million in 2005, and all of its 23 employees will continue to work out of Fairfield, according to an Altana spokesman.
“The acquisition of Rad-Cure opens up new possibilities in the label-printing market which is a valuable asset to our graphic arts’ operation within Altana Coatings & Sealants,” said Matthias L. Wolfgruber, CEO of Altana Chemie in Wesel, Germany.