Artek Surfin and Aterian Investment Partners, currently joint owners of Galata
Chemicals, have reached a definitive agreement whereby Artek Surfin
will acquire Aterian's shares in Galata Chemicals. The transaction is
expected to close in March. The company will continue to operate as it
does today with the current organization in place.
"Over the past four years, Aterian and Artek have successfully
partnered with the Galata Chemicals organization to build a leader in
PVC Additives with a global footprint and an expanded portfolio of
innovative products," said Steven McKeown, President and COO of Galata
Chemicals. "We are thankful for Aterian's significant contribution to
the turnaround and growth of Galata Chemicals and look forward to
continue to partner with Artek as we enter the next phase of our growth
Michael Fieldstone, partner at Aterian, added "It has been a pleasure
to partner with Artek and the dedicated and talented Galata management
team in the Company's successful reinvigoration and new product
development efforts. We are thrilled by the outcome and look forward to
watching Artek and the Company in its continued success."
"We are extremely excited about the growth opportunities Galata's
business has and are committed to growing this business, including the
addition of manufacturing assets in Asia," said Vishal Goenka. "To get
to where Galata is today would not have been possible without a great
partner in Aterian and the enthusiasm of TEAM GALATA."