Solutia Announces the Acquisition of NovomatrixMay 13th, 2010 by Editor
Solutia Inc. has acquired Novomatrix, a maker of high-technology performance window films for the automotive aftermarket and architectural applications for residential, commercial and industrial properties. The acquisition of Singapore-based Novomatrix from MAFLP Investments Limited and Globamatrix Holdings for $73 million was financed through existing cash and did not require additional third-party financing.
“This acquisition strengthens Solutia’s core competencies, supports our growth strategy for the Performance Films division and bolsters our talent base in Asia,” said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc. “As Solutia looks to the future, we are executing upon our previously stated strategy of enhancing our portfolio through targeted bolt-on acquisitions that support our existing businesses. We welcome the strength of Novomatrix, its employees and its well-positioned brands into the Solutia family.”
According to the announcement, the acquisition will expand Solutia’s reach in key emerging regions through Novomatrix’s established presence in Southeast Asia and the Middle East, which will complement Solutia’s presence in Northern Asia. Solutia says integration of Novomatrix also provides an additional talented employee base in the region, ensuring continuation of its high-performance culture in this market. In addition, Solutia says its manufacturing capabilities, processing expertise, technology resources and strong dealer and distribution networks will benefit the Novomatrix brands, which include V-Kool® and Hüper Optik®.
“A multi-brand approach will create opportunities to grow market share for all brands in existing and new markets,” says Ray Kollar, president and general manager of Solutia’s Performance Films division. “We will be able to satisfy a wide array of film needs and requirements by choosing the best solution among our product offerings.”
Solutia’s acquisition of Novamatrix does not include Solamatrix Inc., which is also owned by Globamatrix Holdings. Solamatrix released the following statement:
“We are pleased to take this opportunity to confirm to our partners and customers that we at Solamatrix continue to operate under our original owners, Globamatrix Holdings and Southern Capital Group. We continue to operate business as usual with the ongoing goals of growing our business, our market share, and being an excellent supplier to our customers.
“We know that rumors and incorrect information are circulating within the market. We will do our best to clarify and communicate the situation as quickly as possible. If you have further questions, please do not hesitate to contact us.”