Crompton to control machinery JV with private equity company
Hartford, Connecticut--Crompton Corp. and private equity company, Hamilton Robinson LLC have signed an agreement to establish a joint venture which brings together their respective polymer processing businesses. terms were not revealed, but Crompton said it is to have a controlling stake in the new company, which is to be called Davis-Standard LLC.
D-S LLC, headquartered in Pawcatuck, Connecticut, will combine Crompton's Davis-Standard business and Hamilton Robinson's Black Clawson Converting Machinery Company (BCCM) and will have approximate annual revenues of $220 million. The joint venture will be classified in Crompton's financials as an equity investment. The transaction, which is subject to regulatory approvals, is expected to close within the next 30 days
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Press release from Crompton