(Corrects paragraph 6 to say One Equity had bought
Vacuumschmelze in 2005 for $529 million, not $520 million)
July 5 Specialty chemicals maker OM Group Inc
is making a push into Europe with the
acquisition of German magnetic materials maker Vacuumschmelze
GmbH & Co KG for 700 million euros from One Equity Partners.
Separately, One Equity Partners, the private investment arm
of JPMorgan Chase & Co , said the deal is valued at about
OM group expects the deal, which includes $50 million in
equity, to add to earnings in the current fiscal year with the
exception of one-time items.
Cleveland, Ohio-based OM Group will fund the deal with cash,
stock and committed financing, the company said in a statement.
The company expects to close the deal by the end of the
third quarter and plans to keep Vacuumschmelze's current
management team in place.
One Equity Partners had bought Vacuumschmelze from Morgan
Crucible Co Plc for $529 million, including debt, in
Founded in 1923, Vacuumschmelze -- with production
facilities in Germany, Slovakia, Finland, China and Malaysia --
reported revenue of about 389 million euros and an operating
profit of 54 million euros for the fiscal year ended March 31,
(Reporting by Tenzin Dekeva in Bangalore; Editing by David
Holmes and Gopakumar Warrier)