October 29, 2009
American Securities Completes Acquisition of GenTek, Inc.
American Securities LLC, a New York-based private equity firm, today announces that it has completed its acquisition of GenTek, Inc., a Parsippany, New Jersey-based provider of specialty inorganic chemical products and valve actuation systems and components for automotive and heavy duty/commercial engines. Equity was provided by American Securities Partners V, L.P., a $2.3 billion private equity partnership.
GenTek operates through two business segments: performance chemicals and valve actuation systems. The performance chemicals segment provides: (1) water treatment products, primarily used by municipalities, (2) various grades of sulfuric acid as well as sulfuric acid regeneration services for the refining and chemical industries, (3) ingredients used in prescription pharmaceuticals, nutritional supplements and veterinary health products, and (4) high purity electronic chemicals. The valve actuation segment provides performance-critical valve train components for a full range of gas and diesel engines. GenTek operates over 50 manufacturing facilities and technical centers and has approximately 1,100 employees.
In commenting on the transaction, Matthew F. LeBaron, a managing director of American Securities, said, “We are delighted to have closed this investment and to begin our partnership with GenTek’s management team. GenTek's specialty chemicals business has a leading position in the markets it serves, and its automotive valve business is well-positioned to grow. We are looking forward to working with GenTek's management team to continue to build the business.”
William E. Redmond, Jr., GenTek’s Chief Executive Officer, said, “We are pleased to have completed this transaction with American Securities and look forward to the next stage of GenTek’s development. We are excited to continue to grow and improve our company with American Securities’ support.”