Solutia acquires Novomatrix
Solutia Inc., St. Louis, acquired Novomatrix, Singapore, a leader in branding, marketing and the distribution of high-technology performance window films catering to the premium segment of the automotive aftermarket and architectural applications for residential, commercial and industrial properties, according to a May 2 release. The acquisition of Novomatrix from MAFLP Investments Ltd. and Globamatrix Holdings for $73 million was financed through existing cash and did not require additional third-party financing.
“This acquisition strengthens Solutia’s core competencies, supports our growth strategy for the Performance Films division and bolsters our talent base in Asia,” said Jeffry N. Quinn, chairman, president and chief executive, Solutia Inc., in the release “As Solutia looks to the future, we are executing upon our previously stated strategy of enhancing our portfolio through targeted bolt-on acquisitions that support our existing businesses. We welcome the strength of Novomatrix, its employees and its well-positioned brands into the Solutia family.”
The acquisition expands Solutia’s reach in key emerging regions through Novomatrix’s well-established presence in Southeast Asia and the Middle East, which will complement Solutia’s presence in Northern Asia. Integration of Novomatrix also provides an additional talented employee base in the region; ensuring continuation of Solutia’s high-performance culture in this important market. In addition, Solutia’s manufacturing capabilities, processing expertise, technology resources and strong dealer and distribution networks will benefit the Novomatrix brands.
Adding the Novomatrix portfolio of high-end brands to Solutia’s existing Performance Films division further enhances Solutia’s position as the leading global supplier of aftermarket window film. Novomatrix has a number of leading value-priced, premium and ultra-premium brands, including V-Kool and Hüper Optik, expanding Solutia’s range of product offerings and enhancing the company’s ability to secure projects that specify certain performance characteristics. “A multibrand approach will create opportunities to grow market share for all brands in existing and new markets,” states Ray Kollar, president and general manager of Solutia’s Performance Films division, in the release. “We will be able to satisfy a wide array of film needs and requirements by choosing the best solution among our product offerings.”