In conjunction with the completion of the transaction, industry veteran Richard Hooper replaces Kim Ann Mink as Innophos’ chief executive.
Mink was the company’s chief executive officer for four years. According to a release, Hooper has more than 40 years’ experience in the special materials industry.
Innophos, which makes ingredients for baked goods, sports drinks and cheeses, agreed to be acquired by One Rock in October 2019 for $32 per share, or approximately $932 million.
“The closing of this transaction represents an exciting new chapter for Innophos, its employees and customers that furthers its ability to improve quality of life through purpose-built ingredients,” said Hooper in a prepared statement. “As a private company, Innophos is expected to have greater flexibility to drive continued growth in its attractive end markets and strengthen its existing operations. I am thrilled to lead Innophos at this important point in its evolution and look forward to leveraging the substantial resources and expertise of One Rock to deliver unparalleled value to our customers.”
In October, Mink said the sale was in the best interest of Innophos’ stakeholders. The company had carefully considered its strategic alternatives, she said.
“We are pleased to partner with Innophos, which has established an enviable, market-leading position with comprehensive manufacturing and R&D capabilities,” said Tony Lee, managing partner of One Rock in a statement. “We intend to build on its strong foundation and help enable the company’s success over the long term by instilling operational and commercial excellence and working to enhance the solutions that Innophos offers to an impressive roster of brands around the world.”
Innophos’ stockholders approved the acquisition at a special meeting on Jan. 15, and will receive $32 in cash for each share of Innophos common stock they hold. As a result of the completion of the transaction, Innophos common stock has ceased trading and won’t be listed on the NASDAQ Global Select Market.
A representative for One Rock was not available for comment at press time.