Arsenal Capital Partners has sold Sermatech, a Pottstown, Penn.-based maker of protective coatings and processes used on industrial and aviation gas turbines, to Praxair Surface Technologies, a subsidiary of Praxair Inc. (NYSE:PX). No financial terms were disclosed. Sermatech last year generated $116 million in revenue, and has 625 employees.
Praxair Surface Technologies, Inc., a subsidiary of Praxair, Inc. (NYSE:PX), has acquired Sermatech International Holdings Corp. from Arsenal Capital Partners, a New-York-based private equity firm. Sermatech is a global supplier of protective coatings and advanced processes used on industrial and aviation gas turbines. Sermatech serves the aerospace, defense, power generation and oil and gas markets. Financial terms of the transaction were not disclosed.
Sermatech’s high-performance slurries, along with its diffusion and thermal-spray coating processes, extend component life and reduce maintenance costs by limiting degradation of metal parts at high temperatures. Sermatech has operations in the U.S., Canada, United Kingdom, Germany and South Korea. The business generated sales of $116 million in 2008 and has 625 employees.
“The addition of Sermatech coatings to our offerings, particularly its signature SermeTel® slurry-based product, further strengthens Praxair Surface Technologies’ ability to serve customers in our target end markets,” said Praxair Surface Technologies President Mark Gruninger. “Sermatech has built a reputation for quality surface treatments and an industry-leading brand worldwide. We welcome their employees to the Praxair team.”
Gruninger said Sermatech and its employees will be integrated into Praxair Surface Technologies’ global operations.
About Praxair Surface Technologies
Praxair Surface Technologies, with operations in 11 countries, had sales of $575 million in 2008. The company offers a comprehensive slate of high-performance coatings and technologies to the aviation, industrial gas turbine, energy and other industries. By continuously advancing coatings technologies, Praxair Surface Technologies helps customers improve environmental performance, decrease energy consumption, extend component life, improve productivity, minimize downtime, reduce operating costs and produce higher quality products.
About Praxair, Inc.
Praxair, Inc. is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2008 sales of $10.8 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technology bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, electronics, energy, food and beverage, healthcare, manufacturing, metals and others. More information on Praxair is available at www.praxair.com