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Company : Business Wire 
Friday, October 1, 2004 7:54PM IST (2:24PM GMT)
 
(BW)(NJ-J.M.-HUBER)
J.M. Huber Corporation Acquires CP Kelco ApS; Transaction Closes on September 30, 2004
Edison, N.J., United States

The J.M. Huber Corporation today announced the acquisition of CP Kelco. Huber entered into a stock purchase agreement to acquire CP Kelco ApS from Lehman Brothers Merchant Banking Partners II L.P. in July 2004 after acquiring a minority ownership stake from Hercules Incorporated in February 2004. Rothschild Inc. acted as exclusive financial advisor to Huber.

Huber's purchase of CP Kelco further expands the company's reach into the food, pharmaceutical, and personal care segments and is consistent with the company's strategic focus. It also significantly expands Huber's research and development capabilities. According to Tom Lamb, "This acquisition will allow us to provide our customers with a greater portfolio of high quality specialty products. We think highly of CP Kelco, an industry leader in the promising and high growth food additive industry, and we welcome our new employees into the Huber family." Upon closing, Lamb assumes the position of President and CEO of CP Kelco, replacing Bob Toth who will remain with the company for a transitional period to assist with the integration process.

CP Kelco is a global leader in the supply of hydrocolloids for the food ingredients industry. Hydrocolloids are thickeners and stabilizers that dissolve, disperse or swell in water to provide a broad range of critical functionalities and physical attributes. They are used in industries including food, consumer products (including dental), pharmaceuticals, and oil and gas drilling.

With reported sales exceeding $1 billion and operations in 18 countries, J.M. Huber Corporation is one of the largest family-owned companies in the U.S. It is a diversified multinational supplier of engineered materials, natural resources and technology-based services to markets ranging from paper and energy to plastics and construction. The company offers total solutions in inorganic chemistry, engineered wood composites and other specialties. See www.huber.com.

CP Kelco was formed in 2000 by the combination of the Copenhagen Pectin/Food Gums Division of Hercules Incorporated and the Kelco Biopolymers business of Monsanto Company. See www.cpkelco.com.

 
 
 
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