ITALMATCH CHEMICALS Group Acquires DETREX CORPORATION, a Leading American Company of High Performance Specialty Chemicals for the Industrial Lubricant Markets

This acquisition further strengthens Italmatch Chemicals Group’s
presence on the American continent and allows the expansion of the
current product line in the lubricant additive segment thanks to Detrex
subsidiary: The Elco Corporation.

GENOA, Italy–(BUSINESS WIRE)–Italmatch Chemicals, a Global Specialty Chemical Group with leadership
in the production and marketing of performance additives for industrial
lubricants, water & process treatment, oil & gas, and plastics, has
acquired Detrex Corporation, an American company headquartered in
Cleveland (Ohio) and specialized, through its subsidiary The Elco
Corporation, in the production of high performance lubricant additives,
for industrial applications and high purity hydrochloric acid,.

The acquisition is consistent with the internationalization process
undertaken by the Group in the last years, with a particular focus on
the American market, and confirms the aim of expanding and broadening
current production portfolio. Indeed the transaction follows the recent
acquisition of Sudamfos do Brasil, a leading Brazilian distribution
company, specialized in marketing of phosphonates, phosphates and other
special chemical products and approximately one year after the
acquisition of Compass Chemical International, a chemical company
independent of North America, leader in the production and marketing of
special additives for water and oil & gas treatment.

Sergio Iorio, CEO of Italmatch Chemicals Group, stated: “We are excited
about this acquisition because we have known Elco, its products and
Management Team for many years. Elco will bring highly complementary
products & geo coverage, commercial and industrial synergies, as
Italmatch is focused on EMEA/AP markets and Elco on NA/LATAM markets,
with sales and organizational synergies in other Regions. In addition,
from a product portfolio point of view, Italmatch is a leader in special
synthetic base stock and anti-wear additives, and Elco has a distinctive
and very complementary position in EP additives and Ad-pack for grease
and MWF.”

Thomas E. Mark, President and CEO of Detrex Corporation, stated: "The
acquisition by Italmatch Chemicals represents for Detrex-Elco a great
opportunity to be an essential part of an exemplary business model in
the field of specialty chemicals. Elco and Italmatch Chemicals have the
same high standards of production and have a very similar mission and
overall corporate culture."

Maurizio Turci, CFO, Corporate Affairs and HR Director of Italmatch
Chemicals Group said: "We are very satisfied with the outcome of the
Merger Agreement and also with the support received from leading
international banking and financial institutions in finalizing the
transaction. This operation allows us to continue the growth undertaken
in the last years, with a consequent and significant increase in the
Group's overall turnover and operating margin.”

Founded in 1997, Italmatch Chemicals, is a leading innovative
chemical group, specialized in performance additives for lubricants,
water treatment, oil & gas and plastics, and boasts a wide product range
able fulfil the requirements of the most demanding applications,
including personal care.

The group generates 350 million Euros in revenues and operates
through six manufacturing plants in Europe (Italy, Spain, Germany and
UK), two in Asia Pacific (China and Japan), two in North America (USA)
and sales/distribution subsidiaries in Brasil, Belgium, China, Japan,
India, Poland, Singapore and the USA. It employs over 500 workers.

Ardian, the largest European independent private investment company,
acquired the majority of Italmatch Chemicals together with the
management in July 2014 and is committed to supporting the company’s
growth.

www.italmatch.com

Contacts

Barabino & Partners
+39 010.27.25.048
Jacopo Pedemonte
+39
347.06.91.764
[email protected]
or
Italmatch
Chemicals
+39 010 64.208.208
Silvia Lingiardi
+39
366.58.39.596
[email protected]