Showa Denko K.K., a Japanese conglomerate and parent company of Chicago-based GMM Nonstick Coatings, has acquired all shares of the ILAG Group. ILAG is a specialty non-stick coating chemicals manufacturing company headquartered in Zurich, Switzerland.
Showa Denko K.K. concluded a stock purchase agreement with Helvetica Capital, the owner of ILAG, according to the company.
ILAG supplies its non-stick coatings in both the field of consumer goods and industrial goods. Its major customers are many of the leading cookware manufacturing companies and automotive manufacturers in Europe as well as around the world. The company also has manufacturing facilities in both Zurich and China.
According to the company, GMM and ILAG are highly synergistic, and will operate as sister companies under a newly formed coatings business unit. Ravin Gandhi, current CEO of GMM, will continue in his role, while current ILAG CEO, Hans-Georg Geisel, will continue to lead his company. The two, however, will work together collaboratively.
GMM Nonstick Coatings was acquired by Showa Denko in the fourth quarter of 2016.
“We operate in a competitive global market, and SDK offers GMM huge advantages as we continue our rapid growth. We are excited to build a much larger business in the near term,” said Gandhi at the time of the acquisition.