The transaction is expected to close in the first quarter of 2019, subject to customary closing conditions. Financial terms were not disclosed.
Whitford, a privately held company headquartered in Elverson, Pa., was founded in 1969. The company specializes in manufacturing low-friction, wear-resistant coatings for industrial applications in automotive, aerospace, energy and construction products. Whitford also makes nonstick coatings for cookware, bakeware and small electric appliances such as toaster ovens, griddles, fry pans, and irons. Whitford employs more than 700 people and operates 10 manufacturing facilities located in Elverson; Fostoria, Ohio; Guelph, Ontario, Canada; Runcorn, UK; Brescia, Italy; Sao Paulo, Brazil; Jiangmen, China; Zhuhai, China; Tuas, Singapore; and Bangalore, India.
“In one fell swoop, we will have access to new technologies, diverse R&D facilities, strong financial support and global coverage in areas where we have wanted to expand, but did not yet have sufficient resources,” said Dave Willis, Whitford’s founder and chairman of the board.