Platinum Equity announced that the acquisition of HarbisonWalker International (HWI) by way of a merger agreement, has been completed. HWI is a supplier of refractory products and services in North America.
Financial terms were not disclosed.
In January, Platinum Equity announced the closing of the acquisition of Imerys SA's High Temperature Solutions business, which is now operating under the Calderys brand going forward. HWI and Calderys will join forces into a global business with increased reach and scale.
"Despite a challenging M&A market, we are continuing to find attractive opportunities to put capital to work and provide divestiture solutions that deliver speed and certainty," says Platinum Equity Partner Louis Samson. "HWI and Calderys are an excellent fit, with complementary footprints and product portfolios. Bringing them together will create exciting benefits for both businesses."
"The HarbisonWalker brand is highly respected and vital to the long-term success of the combined company," adds Mr. Samson. "We will continue investing in its growth and expansion in the Americas."
HarbisonWalker's headquarters will remain in Pittsburgh as the headquarters of the combined company's Americas region operations.
Michel Cornelissen, currently President and CEO of Calderys, will serve as the global CEO of the combined company effective immediately.
"We have a tremendous opportunity to bring together the best of both companies to create a high-growth, customer-centric refractories solutions provider with global scale," says Cornelissen. "Our goal is to be the best partner for our customers anywhere in the world, to support them in their energy transition needs, and to set a new benchmark for the industry."
Platinum Equity said it will seek additional opportunities to help the combined company grow.
"Joining forces will create additional scale and provide both businesses access to new technologies, increasing the value proposition for customers," says Platinum Equity Managing Director Malik Vorderwuelbecke. "It will also create a global platform with new opportunities for growth, both organically and through additional acquisitions in key product areas and geographies."
