JERSEY CITY, NJ – Cookson Group PLC sold its conformal coating business unit to an investment bank for $55.5 million in cash.

Bunker Hill Capital purchased Specialty Coating Systems for an immediate cash payment of $54 million, with the balance due upon closing of the sale of the SCS China business in early 2006.

 

In a statement, SCS president and CEO John Fry said, “The acquisition of SCS represents a seamless and exciting change for our company and customers. While our visual brand will be updated over the next few months, our core focus will continue to be an unyielding commitment to the needs of our customers and markets. SCS remains committed to delivering the highest quality of services and products to our worldwide customers.”

Cookson’s sale of SCS is its second major divestiture in two weeks. The company announced the sale of its laminates division, Polyclad Technologies, in mid December.

“SCS is an excellent business with both strong financial and product technology foundations, however its future growth is not strategically aligned with Assembly Materials Group’s markets,” said Cookson Assembly Materials Group president David Zerfoss.

SCS comprises a group of companies and business assets with its main operations in the USA, Europe and Asia-Pacific.  Its primary business is the service application of Parylene, a specialty conformal coating, principally for use in  medical, electronic and automotive applications. 

The company, headquartered in Indianapolis, will continue to do business as Specialty Coating Systems. It operates 10 coating facilities throughout the Americas, Europe and Asia.