BETHANY, Conn. and WILMINGTON, Del., June 4, 2014 /PRNewswire/ -- LATICRETE and DuPont announced today that they have reached a definitive agreement for LATICRETE to purchase the DuPont Surface Care business. The transaction is expected to close later this month, subject to customary closing conditions and regulatory approvals.
"LATICRETE knows the stone and tile market well and sells complementary products, and we believe the DuPont Surface Care business can best pursue its potential and most effectively meet market needs through this transaction," said Thierry F. J. Vanlancker, president, DuPont Chemicals & Fluoroproducts. "The DuPont Surface Care business has a strong team that will join LATICRETE to continue to support these products."
LATICRETE will merge the DuPont™ StoneTech®, DuPont™ Stone Care, and DuPont™ Paver Armor Pro branded products with its existing portfolio of products, which are already placed in professional and retail channels around the world.
"This business is an excellent fit with our strategic approach," said Ed Metcalf, LATICRETE president, North America. "We are excited about working with the team to build on the strong foundation they have put in place and to achieve the full potential of this business in the future. We will continue to focus on providing customers with high quality products and service to deliver solutions that meet their stone and tile care needs."
DuPont Surface Care offers a range of innovative, easy-to-use solutions to protect and preserve stone and tile against the damaging effects of everyday living. This complete line of products protects, cleans and transforms stone and tile surfaces, helping to ensure the beauty of natural stone and tile countertops, floors and walls. The business offers products under the DuPont™ StoneTech® Professional, DuPont™ Stone Care, and DuPont™ Paver Armor Pro brands.
LATICRETE is a leading manufacturer of globally proven construction solutions for the building industry. LATICRETE offers a broad range of products and systems covering substrate preparation, tile and stone installation, concrete construction chemicals and decorative flooring. For nearly 60 years, LATICRETE has been committed to research and development of innovative installation products, building a reputation for superior quality, performance and customer service. LATICRETE methods, materials and technology have been field and laboratory proven by Architects, Engineers, Contractors and Owners. Offering an array of low VOC and sustainable products, LATICRETE products contribute to LEED certification, exceed commercial/residential VOC building requirements, and are backed by the most comprehensive warranties in the industry. LATICRETE®, LATAPOXY®, SPECTRALOCK®, HYDRO BAN®, PERMACOLOR® and DRYTEK® are registered brands of LATICRETE International, Inc.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit www.dupont.com.
Forward-Looking Statements: This news release contains forward-looking statements which may be identified by their use of words like "plans," "expects," "will," "believes," "intends," "estimates," "anticipates" or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the company's growth strategy, product development, regulatory approval, market position, anticipated benefits of acquisitions, outcome of contingencies, such as litigation and environmental matters, expenditures and financial results, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company's control. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, weather events and natural disasters; ability to protect and enforce the company's intellectual property rights; successful integration of acquired businesses and separation of underperforming or non-strategic assets or businesses and successful completion of the proposed spinoff of the Performance Chemicals segment including ability to fully realize the expected benefits of the proposed spinoff. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
SOURCE LATICRETE International, Inc.