SOURCE: Mereco Technologies Group, Inc.
WEST WARWICK, RI--(Marketwired - August 29, 2014) - Protex International has completed its acquisition of Mereco Technologies Group Companies Inc., including the Metachem Resins and DMS Divisions. Mereco and its subsidiaries manufacture and market high-performance formulated epoxies, urethanes, silicones and materials for electronics applications around the world. Terms of the acquisition were not disclosed.
Protex identified Mereco, which will be a wholly owned subsidiary of Protex, as an attractive target to build on its current presence including formulated electrically conductive materials sold to the electronic assembly markets. With this acquisition complete, Mereco and another Protex subsidiary, Protavic, will provide Protex with significant financial, technical and strategic resources to support their growth initiatives in electronic markets.
"We see significant growth opportunities resulting from the combined resources of Mereco and Protavic under the Protex umbrella, and we believe that Mereco shares our values and our vision to realize these opportunities," said Robert Moor, President of Protex. "We are excited to have acquired Mereco and we look forward to enhancing the service and value we provide to our customers," he said.
Protex International, headquartered in Paris, France, is a privately owned medium-sized independent company. Its business is to develop, produce and market chemical and biochemical specialties for various industries. Originally dedicated to textile auxiliaries, Protex has spread its expertise to a wide variety of markets: fine chemical, specialty chemical, paints & coatings, textile, paper, agrochemicals, and electronic materials. Protex's strengths include a broad expertise in synthesis, polymerization, formulation, large capacity with state-of-the-art equipment, and a reactive and flexible organization of a worldwide medium-sized group. Protex offers a commitment to the research, innovative development, and consistent manufacturing of products and currently maintains research as well as manufacturing facilities in France, United States, Korea, China, Brazil.
"The acquisition of Mereco by Protex will give Mereco immediate access to markets in Europe and the Far East and will provide opportunities to sustain and grow the business well into the future," said Philip M. Papoojian, formerly the President and COO of Mereco who will remain with the company as Chief Operating Officer.