Milliken & Co., a global diversified manufacturer based in Spartanburg, announced that it has signed an agreement to acquire Borchers Group Ltd., a global specialty chemicals company that makes high-performance coating additives and specialty catalyst solutions, from The Jordan Co. L.P. The acquisition is expected to close this month, subject to customary closing conditions, according to a news release. Terms were not disclosed.
Headquartered in Westlake, Ohio, Borchers carries a portfolio of additives for the coatings, inks and adhesives markets with a range of cobalt-free driers, dispersants, rheology modifiers, wetting agents, polymerization catalysts and adhesion promoters, according to the news release. The addition of Borchers builds Milliken’s portfolio and aligns with the company’s strategic objective to develop a global range of growth platforms, the release said
“I’m thrilled to accelerate our commitment to innovation and sustainability with the acquisition of a company so aligned with our values,” Halsey Cook, president and CEO of Milliken & Co., said in the release. “Borchers brings particular technical expertise that will boost Milliken’s strengths and propel our growth.”
Devlin Riley, president and CEO of Borchers, said in the release: "We are ecstatic about partnering with Milliken to further invest in our business, build out our global platform and continue providing innovative and satisfying solutions to our customers. Combining our capabilities and approach with the depth of Milliken's technology and innovation will allow us to provide exemplary solutions to the markets we serve.”
Jones Day represented Milliken in the transaction. Moelis & Company LLC acted as financial advisor, and Mayer Brown LLP acted as legal advisor to Borchers and The Jordan Co.
“We look forward to taking scientific leaps forward for our customers as we combine the strengths of Borchers and Milliken,” Russ Rudolph, senior vice president for Milliken’s Chemical Division, said in the release. “Borchers expands our reach and grows our technological expertise, enabling us to further chemical innovation in the global specialty chemicals market.”p