FOR IMMEDIATE RELEASE:
GMM ACQUIRED BY SHOWA DENKO, K.K. (SDK)
Nov 20, 2016
GMM Nonstick Coatings has been acquired by Showa Denko K.K. (SDK), a market leading Japanese chemicals conglomerate with over $7B in sales. Financial terms were not disclosed.
All GMM employees and manufacturing operations will remain with the business, which will continue to be known as GMM Nonstick Coatings. Ravin Gandhi will be Chief Executive Officer (CEO), and Raymond Chung will be Chief Operating Officer (COO).
As part of its "Project 2020+" initiative, SDK is acquiring high-growth specialty chemical businesses that offer market-leading technologies. GMM will be the platform company of a new SDK business unit that will aim to become the global leader in nonstick coatings. According to Ravin Gandhi, “We operate in a competitive global market, and SDK offers GMM huge advantages as we continue our rapid growth. We are excited to build a much larger business in the near term.” According to Raymond Chung, “We have built GMM into an innovation powerhouse that has sophisticated technology, client-focused marketing, and a deep management team. SDK will be a perfect partner as we take our business to the next level.”
About GMM: GMM Nonstick Coatings is one of the world’s largest suppliers of nonstick coatings to the $9B USA housewares market. Every day, more than 40M Americans use GMM Nonstick Coatings (GMM) in their kitchens when they cook on iconic American brands such as Calphalon, KitchenAid, George Foreman, Oster, Wilton, Sunbeam, Black & Decker and Remington.
About SDK: Showa Denko K.K. (SDK) is a $7B Japanese conglomerate with global operations in petrochemicals, industrial gases, graphite electrodes, and electronics. The company employs 10,500 people, and is publicly listed on the TOKYO exchange under symbol 4004.
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