Kelstar International, a manufacturer of specialty aqueous coatings, UV coatings and pressroom chemistry for graphic arts in North America, has been acquired by Altana Chemie/Altana Coatings & Sealants, a division of Altana AG. Kelstar, founded in 1987, is a privately held company with sales of $48.5 million.
The acquisition of Kelstar strengthens Altana’s position as one of the leading worldwide global suppliers of coatings for the graphic arts market. The combined aqueous coating sales of Kelstar and Terra Lacke, an Altana European subsidiary, will provide an even greater base of technical knowledge, know how and access to technology, the company said.
Kelstar will continue to operate its current manufacturing facilities under the Kelstar name as an Altana subsidiary in its coatings and sealants group. Altana has also retained all employees. The existing Kelstar management team will continue to manage the day-to-day operations of all Kelstar companies.
“Being acquired by Altana strategically positions Kelstar with both additional resources and financial strength to continue our sustained growth and market penetration while providing long-term security for our employees,” said Steven Kramer, president and COO of Kelstar International. “Kelstar has built a strong brand identity by providing value added products and services to our customers. Altana shares this same business philosophy and will be using Kelstar as a strategic platform for future growth and expansion in North America.”
Published November 3, 2005
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