Manufacturer to acquire global chemicals company

Global manufacturer, Milliken & Company (Milliken), has signed an agreement to acquire specialty chemicals company, Borchers Group (Borchers) from The Jordan Company (TJC).

The acquisition is expected to close in January 2020, subject to customary closing conditions.

Borchers who are headquartered in Westlake, Ohio possess a portfolio of additives for the coatings, inks and adhesives markets with a comprehensive range of cobalt-free driers, dispersants, rheology modifiers, wetting agents, polymerisation catalysts and adhesion promoters. This acquisition will result in Milliken gaining Borchers’ expertise in specialty coating additives, to further build on its portfolio, as well as aligning with the company’s strategic objective to develop a global range of growth platforms.

Halsey Cook, president and CEO of Milliken & Company said: “I’m thrilled to accelerate our commitment to innovation and sustainability with the acquisition of a company so aligned with our values.” Cook added: “Borchers brings particular technical expertise that will boost Milliken’s strengths and propel our growth.”

"We are ecstatic about partnering with Milliken to further invest in our business, build out our global platform and continue providing innovative and satisfying solutions to our customers. Combining our capabilities and approach with the depth of Milliken's technology and innovation will allow us to provide exemplary solutions to the markets we serve. I want to thank the TJC team for their guidance and strong partnership,” commented Devlin Riley, president and CEO of Borchers.

Erik Fagan, a partner at TJC, added: “Devlin and the Borchers team have guided the company through a period of strong organic and acquisition growth. We are proud to have partnered with Borchers management and excited to see the continued impact their products will have for their customers.”

Russ Rudolph, senior vice president, Milliken’s Chemical Division concluded: “We look forward to taking scientific leaps forward for our customers as we combine the strengths of Borchers and Milliken.

“Borchers expands our reach and grows our technological expertise, enabling us to further chemical innovation in the global specialty chemicals market.”

Jones Day represented Milliken in the transaction, Moelis & Company acted as financial advisor, and Mayer Brown acted as legal advisor to Borchers and TJC.