Monday, May 4, 2020

Mitsubishi Chemical to Bolster Technology Platform Through Acquisition of American Organic and Inorganic Hybrid Chemicals Manufacturer Gelest

TOKYO, NEW YORK and MORRISVILLE, Pa., April 30, 2020 –Mitsubishi Chemical Corporation (MCC; Head office:Tokyo, Japan; President: Masayuki Waga) announced today that its subsidiary Mitsubishi Chemical America, Inc.(MCA; Head office: New York, the United States; President: Steve Yurich)has entered into a definitive agreement to acquire all of the issued and outstanding shares of Gelest Intermediate Holdings, Inc., the parent of Gelest, Inc. (Gelest; Head office: Pennsylvania, the United States; Chairman and CTO: Barry Arkles, CEO: Ken Gayer)and a portfolio company of New Mountain Capital, LLC. (NMC; Head office: New York, the United States). 
Completion of the transaction is expected in 2020, pending customary regulatory review and approval. Gelest is an American 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 succeed by assisting them to develop and supply the chemistry to solve their most challenging materials science problems and enable their new product technology.“We are excited to acquire Gelestas its business fits well within MCC’s long-term strategy,” said Steve Yurich, President of MCA. “Since becoming familiar with Gelest, we have recognized the tremendous capabilities in research and development and production that help create its outstanding position with key customers. Furthermore, MCC’s operating resources and customer network will enhance the ability to bring Gelest’s technologies to market and accelerate the development of new customer solutions to drive advances in digital social infrastructure, vision care, and other life-sciences applications. 
We look forward to working alongside the team at Gelest to drive the continued growth of the company.”“We are extremely proud of the efforts of everyone who has contributed to make Gelest the Company that it is today, with world-class technology and supply capabilities, made possible by the industry-leading team we have built and support from NMC for our strategic investment programs. This has made Gelest an extremely valuable partner to customers around the world,” said Barry Arkles, Chairman and CTO of Gelest. 
Ken Gayer, CEO of Gelest, added, “Weare excited to join MCC during our next stage of growth. MCC’s breadth and depth in the advanced materials sector will allow Gelest to create even more value for our customers and opportunities for our employees


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