26 March 2004
26 March 2004
Altana Chemie AG, the specialty chemicals business of Altana AG has formed an exclusive global partnership with Nanophase Technologies Corporation.
The companies intend to start product co-development in a defined field of application comprising paints, coatings and plastics and expect initial market introductions of developed products in the course of 2004. In addition, Altana Chemie has invested US $10 million in Nanophase and their stake of 7% will make Altana Chemie the largest industrial investor of Nanophase.
The partnership will collaborate in developing nanomaterials for use in, for example, general industrial coatings, architectural coatings, coil coatings, automotive OEM and refinish coatings, printing inks, duroplastics and thermoplastics, consumer goods packaging, and electrical insulation applications. Based on the agreement, Altana Chemie will have exclusive access to Nanophase’s technology within the field of application. The agreement will last for eight years.
Altana Chemie’s technology driven specialty chemicals businesses are focussing primarily on managing surface properties, which are achieved and controlled by taking benefit from both chemical and physical effects.
“With this strategic investment we are taking a significant step into the field of nanotechnology. Nanocomposites will be a key driver in the future for innovative products in coatings, plastics or electrical insulation applications and will help to safeguard the leading competitive positions of our business units,” said Dr. Matthias L. Wolfgruber, CEO of Altana Chemie.
“We are delighted to become a development and market partner with a company of Altana’s calibre,” commented Joseph Cross, Nanophase’s President and CEO. “Based on market studies, the demand for nanocomposites in coatings is expected to be a significant growth market. Nanophase’s technologies, coupled with Altana’s expertise and market access, are a solid combination in this area.”
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