Mitsubishi Chemical America to Acquire Gelest

Mitsubishi Chemical Corporation's subsidiary Mitsubishi Chemical America, Inc. (MCA) announced that it has entered into a definitive agreement to acquire all issued and outstanding shares of Gelest Intermediate Holdings, Inc., the parent company of Gelest, Inc. and a portfolio company of New Mountain Capital. The transaction is expected to close in 2020, pending customary regulatory review and approval. Gelest, an American firm, is an innovator, manufacturer and supplier of silicones, organosilanes, metal-organics and specialty monomers for advanced technology end-markets including medical devices, life sciences, microelectronics and personal care. Gelest helps customers solve their most challenging materials science problems and develop and source chemistry that will enable new product technologies. MCA President Steve Yurich said, "We are excited to acquire Gelest as it aligns with MCC's long-term business strategy. Since we have been familiar with Gelest, we recognized the tremendous capabilities that have helped build its distinguished position with key customers in research and development and manufacturing. Additionally, MCC's operational resources and customer network will enhance Gelest's ability to bring its technologies to market and accelerate them. It will help develop new customer solutions to drive progress in digital social infrastructure and other life sciences applications. We look forward to working with the Gelest team to ensure the company's continued growth." Gelest Board Chairman and CTO Barry Arkles said, "We take pride in the efforts of everyone who has contributed to bringing Gelest Company to its current state with first-class technology and supply capabilities. The support of NMC for building our industry-leading team and strategic investment programs made this possible. This has made Gelest an exceptionally valuable partner for customers worldwide." MCC will continue to implement its strategy of developing the technology platform to provide further expansion in the future, leveraging comprehensive R&D capabilities and pursuing new business development opportunities in new markets.