Innovative Chemical Products Group Acquires Hi-Tech Coatings

Hi-Tech Coatings and its products will become part of ICP Industrial Solutions Group (Industrial Solutions Group - ISG), strengthening and expanding ICP's innovative product portfolio. ICP Group announced that it has acquired Hi-Tech Coatings, a high-performance coatings manufacturer for the packaging and commercial printing industries, from Heidelberger Druckmaschinen AG. Hi-Tech Coatings develops and manufactures more than 1,000 environmentally compatible products and formulations, primarily water-based and UV-based coatings. This transaction also means establishing a strategic partnership between Heidelberg and ICP Group, under which Heidelberg's coating portfolio will be offered to future customers. ICP Group Chief Executive Officer Doug Mattscheck stated, "We are excited about this acquisition because Hi-Tech Coatings, with its industry leadership, will strengthen and expand ICP ISG's innovative product portfolio. The combination of the highly skilled, well-trained and experienced personnel from ICP and Hi-Tech Coatings has made our company stronger, and has therefore reinforced our unwavering commitment to delivering integrity and customer service to our customers." Hi-Tech Coatings, which will become part of ICP Group's Industrial Solutions Group (ISG), is a company that has provided high-quality coatings to professionals for approximately 30 years. This acquisition presents two important opportunities for ICP ISG: expanding its product offerings in the high-performance water-based and ultraviolet-curable coatings markets, and diversifying and expanding its international customer base in Europe, Middle East and Asia-Pacific regions. With new manufacturing facilities in the United Kingdom and the Netherlands, and an additional facility in the United States (Michigan), Hi-Tech Coatings will also expand ICP Group's manufacturing footprint. Finally, it will increase ICP ISG's penetration into high-growth global packaging end markets. Mattscheck concluded his remarks: "We are excited to welcome Hi-Tech Coatings employees to the ICP family and to participate in this long-term strategic partnership with Heidelberg. We look forward to providing exceptional service and expanded product offerings to the customers of Heidelberg and Hi-Tech Coatings, and we continue our commitment to innovation and growth."