CATHAY INDUSTRIES global chief executive Terence Yu announced the closing of the deal, following normal regulatory approvals. “The acquisition reinforces CATHAY’s global commitment and sustainable position as a leading manufacturer of performance pigments with a unique and diverse offering for the paints and coatings industries”, said Yu.
“I want to thank Charles Hoover, president of Hoover Color Corporation, for his leadership during the transition and for his role in helping bring our companies together. Our immediate focus will be to combine our leading inorganic, innovative technology on Low Viscosity Yellows, High Chroma Reds and Heat Stable Yellows with the market leading natural occurring Umber’s and unique eco-friendly Transparent Iron Oxides from the Hoover Color Corp”, said Mr. Yu. Mr. Hoover has joined the executive team at CATHAY INDUSTRIES and will lead the sales and marketing of the Coating portfolio in the Americas and will also continue in his role as President of the Hoover Color newly formed division of CATHAY INDUSTRIES.
Hoover Color Corporation markets its natural and blended iron oxide pigments as well as their resale products through a network of regional distributors and agents. These distributors represent Hoover Color Corporation, along with other manufacturers, in order to offer their regional customers a wide variety of raw materials supplied from a local distribution point. Many of its distributors carry lines of raw materials focused toward the paint, coatings and plastics markets.