Specialty chemical manufacturer Innovative Chemical Products Group (ICP Group), Andover, Massachusetts, announced that it has acquired Hi-Tech Coatings, a developer and manufacturer of high-performance coatings located in the Netherlands and the United Kingdom, from Heidelberger Druckmaschinen AG (Heidelberg).
Hi-Tech Coatings develops and produces more than 1,000 environmentally compatible products and formulations, primarily water-based and UV-based coatings. The transaction also established a strategic partnership between Heidelberg and ICP Group to ensure Heidelberg’s future sales of its coating portfolio to its customers.
Hi-Tech Coatings, whose offerings will become part of ICP Group’s Industrial Services Group (ISG), has provided professionals with high-quality coatings for nearly 30 years. The acquisition provides ICP ISG with two significant opportunities—it expands its product offerings within the high-performance water-based and UV-curable coatings, and it diversifies and expands its international customer base in Europe, the Middle East and Asia-Pacific regions.
Hi-Tech Coatings also will expand ICP Group’s manufacturing footprint by adding new production facilities in the United Kingdom, the Netherlands and an additional facility in Michigan. Finally, it will expand ICP ISG’s exposure to high-growth, global-packaging end markets.