American Securities Completes Its Acquisition of GenTek, Inc.
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Thu, 29 Oct 2009 20:35:39 GMT |
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NEW YORK - (Business Wire) American Securities LLC, a New York-based private equity firm, today announces that it has completed its acquisition of GenTek, Inc., a Parsippany, New Jersey-based provider of specialty inorganic chemical products and valve actuation systems and components for automotive and heavy duty/commercial engines. Equity was provided by American Securities Partners V, L.P., a $2.3 billion private equity partnership. GenTek operates through two business segments: performance chemicals and valve actuation systems. The performance chemicals segment provides: (1) water treatment products, primarily used by municipalities, (2) various grades of sulfuric acid as well as sulfuric acid regeneration services for the refining and chemical industries, (3) ingredients used in prescription pharmaceuticals, nutritional supplements and veterinary health products, and (4) high purity electronic chemicals. The valve actuation segment provides performance-critical valve train components for a full range of gas and diesel engines. GenTek operates over 50 manufacturing facilities and technical centers and has approximately 1,100 employees. In commenting on the transaction, Matthew F. LeBaron, a managing director of American Securities, said, “We are delighted to have closed this investment and to begin our partnership with GenTek’s management team. GenTek's specialty chemicals business has a leading position in the markets it serves, and its automotive valve business is well-positioned to grow. We are looking forward to working with GenTek's management team to continue to build the business.” William E. Redmond, Jr., GenTek’s Chief Executive Officer, said, “We are pleased to have completed this transaction with American Securities and look forward to the next stage of GenTek’s development. We are excited to continue to grow and improve our company with American Securities’ support.” About American Securities Headquartered in New York with an office in Shanghai, American Securities LLC is a U.S. middle-market private equity firm that invests in market-leading companies in North America with annual revenues generally ranging between $100 million to $1 billion. Investments are funded from more than $6 billion of committed capital. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of his family’s Sears, Roebuck & Co. fortune. More information on American Securities LLC can be found at www.american-securities.com.
American Securities LLC
Anne Board, 212-476-8000
Head of External Relations
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