WACKER Divests Ceramics Business To Ceradyne
Wacker-Chemie GmbH and Ceradyne, Inc. entered into a sales and purchase agreement in which Ceradyne will acquire ESK Ceramics GmbH & Co. KG (WACKER CERAMICS), a 100 percent subsidiary of Wacker-Chemie GmbH.
WACKER CERAMICS' operations include the development and production of advanced technical non oxide ceramic parts as well as high purity ceramic powders and functional coatings. Customers for WACKER CERAMICS' nonoxide ceramic powders, products and functional coatings include leading manufacturers in chemical and processing, machinery, automotive, military, electronics and power engineering industries. Ceradyne has been a customer of WACKER CERAMICS for over thirty years. WACKER CERAMICS' geographic markets are Germany, Europe, the United States, and Asia. For 2003, WACKER's ceramics business achieved sales of EUR 74.3 million, or approximately USD 90 million.
WACKER President & Chief Executive Officer Dr. Peter-Alexander Wacker commented: "We are pleased with divesting our advanced technical ceramics business, which accounted for approximately 4 percent of WACKER Group's annual revenues. This agreement is a further milestone in our strategic course to focus on our core chemicals operations. We believe that Ceradyne's plans for growth, which includes more widely diversified products and regional markets, can help our former ceramics business reach its full potential and offer our talented employees an excellent opportunity to contribute to that success."
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