KMG Chemicals Inc. (KMGB, KMG, KMGB.OB), a producer of specialty chemicals, Monday announced that it has entered into a definitive agreement to acquire the Ultra Pure Chemicals or UPC units of OM Group Inc. (OMG), a provider of specialty chemicals, technologies, and materials, for $60 million in cash. The deal is expected to close before end of June.
The UPC subsidiaries of OM group, which produces and supplies unique ultra pure chemical solutions to the semiconductor and microelectronics industries, recorded net sales of $94 million in 2012.
Commenting on the acquisition, Neal Butler, President and CEO of KMG said, "This acquisition substantially advances KMG's strategy in the global high purity process chemicals market and also provides KMG with a strategically located presence in the fast-growing Asian market."
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