Engelhard completes acquisition of Mearl Corporation for $272.7 million.ISELIN, N.J.--(BUSINESS WIRE)--May 31, 1996--Engelhard Corporation (NYSE NYSE
See: New York Stock Exchange :EC) said today it has completed its previously announced acquisition of Mearl Corporation, a privately held, world-leading manufacturer of pearlescent pearl·es·cent
Having a pearly luster or gloss.
Adj. 1. pigments and iridescent ir·i·des·cent
1. Producing a display of lustrous, rainbowlike colors: an iridescent oil slick; iridescent plumage.
2. film, for $272.7 million.
The Mearl business will become part of Engelhard's Pigments and Additives Group where it will broaden the company's existing capabilities and move Engelhard into new and growing global market areas. Engelhard is a world leader in coating and filler fill·er 1
One that fills, as:
a. Something added to augment weight or size or fill space.
b. A composition, especially a semisolid that hardens on drying, used to fill pores, cracks, or holes in wood, plaster, pigments for the paper industry and in specialty minerals and color pigments for the plastics, paints and coatings industries. Mearl adds leadership positions in pearlescent pigments for automotive finishes, cosmetics and industrial applications.
"Our first priority in combining the Mearl and Engelhard business is our customers' satisfaction," said Barry W. Perry, vice president and general manager of the Pigments and Additives Group. "Employees of both organizations remain focused on our customers and the processes that add value through the performance, quality and delivery of our products and services."
He added, "We're dedicated to preserving and building on the reputation for quality, innovation and success associated with the Mearl brand name. Eventually we expect the combined business will yield new product offerings and better service as we explore opportunities for synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. in materials technology, process engineering and productivity."
Engelhard expects the Mearl acquisition to result in a nominal dilution to earnings in 1996 and to provide a meaningful profit contribution in 1997. Mearl is headquartered in Briarcliff Manor, NY.
Engelhard Corporation is a world-leading provider of environmental technologies, specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. products, engineered materials and related services.
CONTACT: Engelhard Corporation
Mark Dresner, 908-205-6282