17 December 2013
17 December 2013
Citadel has acquired Lucent Polymers, based in Indiana, US.
“Lucent is a very strategic acquisition for Citadel, bringing outstanding expertise in material science and sustainable products technology, as evidenced by its broad portfolio of more than 1,400 formulations,” said Mike Huff, CEO of Citadel. “The addition will significantly increase our presence in engineered resins and improve our market position for future growth with new customers and new end markets.”
Lucent is headquartered in Indiana, US where Citadel’s Thermoplastics Division is also headquartered.
The company says it has differentiated itself in the US compounding industry through its ability to formulate, source and utilise various low-cost feed streams to meet exacting specifications.
Over the past seven years, Lucent says it has exceeded the industry’s growth rate by more than 95%. Citadel states that in addition to continuing the manufacture of its existing products, Lucent will begin to produce Citadel’s Matrixx, Aclo, QTR and Fiberfil brands.
“The addition of Lucent Polymers expands Citadel’s ability to fulfil a variety of customer needs across multiple sectors,” said Kevin Andrews, President of Citadel Thermoplastics Division. “Like Citadel, Lucent is critical to its customers’ development initiatives. The combination of experience and greater scale achieved through this transaction enhances both organisations’ ability to partner with customers to provide innovative technical solutions.”
Citadel explains that the purchase of Lucent Polymers is its seventh plastics-related acquisition since 2007 and is the 31st acquisition for HGGC, a private equity firm with a controlling interest in Citadel.
“We are very pleased to build on Citadel’s proven ability to grow through strategic acquisition and integration of successful, complementary businesses,” said Gary CriQenden, Chairman of Citadel who also serves as Chairman of HGGC. “We’re confident Lucent’s blue-chip customer base and financial strength will help Citadel extend its leadership in highly engineered compounds.”
The terms of the transaction were not disclosed.