USA – Wilsonart Engineered Surfaces announced that it has entered into a definitive agreement to sell its Wilsonart Asia business to Aica Kogyo Co., Ltd., a major manufacturer in Asia of chemicals and building materials, and the Development Bank of Japan Inc., a co-investor in the transaction.

The transaction is expected to close in the fourth quarter of 2019, subject to the satisfaction of customary closing conditions. The acquisition price is USD 150 million, subject to certain adjustments.

Tim O’Brien, President and Chief Executive Officer of Wilsonart LLC, said, “This transaction is a great opportunity for the Wilsonart Asia business to combine with a leader in the Asia market that has strong presence and scale in the region. This decision is consistent with our strategy to position the Wilsonart Engineered Surfaces portfolio of brands and products in markets to which we have the scale and opportunity to add the most value for our customers. The sale of the Asia business allows us to sharpen our focus on business units in which we are better positioned for long-term value creation. It also positions our Asia business with a leader in the Asia building products space and gives it the scale that will help it further grow and succeed in the future. On behalf of the entire Wilsonart organization, I want to express our great appreciation for the many contributions that our colleagues in the Asia operations have made to Wilsonart.”

Yuji Ono, Representative Director and President of Aica Kogyo Co., Ltd., said, “With this deal, we have secured a world-class platform of valuable production facilities, sales networks, a strong brand and a successful group of managers and employees within the Asia Pacific region, which will serve to further the development of building materials business in Asia. For building material business such as high pressure laminates, our group currently has production facilities located in Japan, Indonesia, India and Vietnam. The addition of Wilsonart Asia’s production facilities in Thailand, China, and Australia will bring a build-up of a mutually complementary relationship. We look forward to working with our new colleagues and exploring the synergies that will further expand the business in the region.”