This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Jan. 4, 2012 /PRNewswire/ -- OM Group, Inc. (NYSE: OMG) today announced that it has purchased Rahu Catalytics Limited, the developer of a unique iron-ligand based chemistry for use in environmentally friendly coatings, composites and inks from Unilever Ventures and Management. The transaction includes all related intellectual property rights and master patents, as well as all manufacturing and supply agreements. Terms of the transaction were not disclosed.
Since its founding in 2006, Rahu Catalytics has focused on the need for solutions that incorporate more renewable materials and deliver performance at lower energy, water and waste costs in the coatings industry. Since early 2009, the company has operated under an exclusive commercial agreement with OM Group with regards to its Borchi® OXY-Coat product line, which is being utilized by the market leaders in the global coatings industry.
"We are excited to formally incorporate this innovative product into our portfolio of sustainable solutions for the coatings industry," said Joseph Scaminace, OM Group's chairman and chief executive officer. "There is an ever-increasing need for environmentally friendly coatings, composites and inks throughout the world. Today's action will allow us to accelerate our ability to address this need and further solidify our leadership position in the growing coatings industry."
ABOUT UNILEVER VENTURES AND MANAGEMENTFormed in 2002, Unilever Ventures (UV) is the European venture capital arm of Unilever (LON: ULVR). UV has funds under management of
euro 120M and a current portfolio of 17 businesses, originating both externally and from within Unilever. Wholly-owned and funded by its parent, UV operates as an independent VC Fund, and is regulated and authorized by the UK Financial Services Authority.
UV invests in early stage technology driven consumer and B2B facing companies across
Europe, seeking investments which could; become strategically relevant to Unilever, benefit from access to Unilever's IP assets and capabilities, or provide high-value services to Unilever.
ABOUT OM GROUP, INC. OM Group, Inc. is a leading global solutions provider of specialty chemicals, advanced materials, electrochemical energy storage, magnetic materials and unique technologies crucial to enabling our customers to meet increasingly stringent market and application requirements. The company serves a wide variety of sectors, including rechargeable batteries, electronic devices, cutting tools, petrochemical catalysts, electronics manufacturing, industrial coatings, defense, aerospace, medical devices, alternative energy, automotive, electrical installation, and energy conversion and distribution. Headquartered in
Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas,
Africa. For more information, visit the company's website at