Morrisville, Pennsylvania – Mitsubishi Chemical Corp. is now the owner of Gelest Intermediate Holding in a deal that transfers the silicone maker from private equity control.
Among other products, the Morrisville-based company, manufactures silicone fluids as well as thermal, fluorosilicone, hydrophilic and low temperature grades that can be formulated into coatings and cured rubbers.
In addition, manufactures silicone-based elastomers as part of its performance products portfolio.
Mitsubishi acquired Gelest from New Mountain Capital, a private equity firm that invested in the company in 2017.
"New Mountain Capital has been a terrific partner and helped us to significantly grow the company over the past three years," said Gelest CEO Ken Gayer in a statement.
Gelest expects to create further value for customers tapping into MCC's broader capabilities, Gayer said.
The acquisition was made through Mitsubishi Chemical America Inc., a New York-based subsidiary of Tokyo's Mitsubishi Chemical. The deal for Gelest was first announced 30 April and Mitsubishi said 1 Oct the transaction was finalised.
Mitsubishi expects to expand its research and development capabilities and production efficiency through the acquisition.