CONCORD, Ontario, Jan. 2, 2014 /PRNewswire/ -- KIK Custom Products Inc. ("KIK") today announced it successfully completed its acquisition of the consumer products business of Chemtura Corporation (NYSE/EuroNext Paris: CHMT) on December 31, 2013 for an adjusted purchase price of $300 million. The $15 million reduction reflects the resolution of certain pre-closing matters by the parties. The purchase price is subject to a post-closing adjustment for working capital and assumed pension liabilities.
The acquisition included Lawrenceville, Ga.-based BioLab's pool products businesses in North America, South Africa and Australia/ New Zealand; its European division known as Bayrol; as well as its household care business in North America and dedicated manufacturing plants in Conyers, Ga.; Lake Charles, La.; and Atlantis, South Africa.
"This acquisition marks a major step in the strategic growth of our company," said Jeff Nodland, KIK's CEO. "We look forward to the integrated businesses generating strong free cash flow while diversifying our products and expanding our customers, channels and geographic reach."KIK Classic Division President Stratis Katsiris added, "We are delighted to welcome BioLab and Bayrol employees to the KIK family. We are already at work building on BioLab's tradition of market leadership and product innovation. As an integrated team, we will create an efficient, service-focused business committed to offering a winning portfolio of household, pool and spa care, and pool specialty products to customers across the channels we serve. Our investment in BioLab, coming only a few short months after the announcement of our license agreement to take the iconic Clorox brand to market in pool care, underscores our continued commitment to the growth of the pool and spa category." KIK entered the pool care business in 2011 with the acquisition of US-based Chem-Lab Products Inc., now known as KIK Pool Additives Inc.
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