Mitsubishi Chemical America, a subsidiary of Japan’s largest chemical company Mitsubishi Chemical Corp. (MCC), recently entered into an agreement to acquire all outstanding shares of Gelest Intermediate Holdings.
Gelest Intermediate Holdings is the parent company of Gelest and a portfolio company of New Mountain Capital, a New York-based investment firm.
Gelest, headquartered in Morrisville, Pa., employs approximately 240 people. The company develops, manufactures, and sells silicon chemicals, methacrylates, and metal-organic compounds to microelectronics, personal care, life science, and medical device clients.
“We are excited to acquire Gelest as its business fits well within MCC’s long-term strategy,” Steve Yurich, Mitsubishi Chemical America president, said. “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.”
The transaction is expected to be completed this year, pending regulatory review and approval.