CLEVELAND (AP) — OM Group Inc., a producer of metal-based specialty chemicals said Monday it will acquire nearly all the electronics business of Rockwood Holdings Inc. for about $265 million in cash.
Rockwood's electronics businesses supply customers with chemicals used in the manufacture of semiconductors and circuit boards. Last year the segment, excluding its wafer reclaim business, had sales of $187 million.
OM Group will not acquire Rockwood's French electronic chemicals business, but does have an option to purchase the company in the future for $50 million.
OM Group expects the deal to improve its earnings in 2008.
The deal is expected to close by the end of 2007, subject to regulatory approval. Credit Suisse Securities (USA) LLC acted as a financial adviser to Rockwood on the transaction.