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REFILE-UK's Elementis to buy U.S.-based SummitReheis in $360 mln deal
February 10, 2017 / 8:06 AM / 10 months ago

REFILE-UK's Elementis to buy U.S.-based SummitReheis in $360 mln deal

(Corrects spelling of SummitReheis in the headline and in paragraphs 1 and 4)

Feb 10 (Reuters) - British speciality chemicals maker Elementis Plc said on Friday it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business.

Elementis said the deal would increase the annual sales of its personal care business to $200 million and boost its adjusted earnings in the current financial year.

The deal will be funded from cash resources and new debt facilities of $475 million, the company said.

SummitReheis makes personal care chemicals and counts Procter & Gamble and Colgate among its clients. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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