Plastic sheet maker Aristech Acrylics LLC has been purchased by SK Capital Partners LP, a New York-based private equity group.
No purchase price was disclosed in the deal. Florence, Ky.-based Aristech Acrylics had been 90 percent owned by Japanese conglomerate Mitsubishi Corp. of Tokyo.
The firm makes acrylic and polyester sheet for hot tub, bath, shower, signage and original equipment manufacturers applications. According to a recent Plastics News industry ranking, Aristech Acrylics ranked as the 49th-largest film and sheet maker in North America, with related sales estimated at $137 million.
``We are thrilled with the new energy provided by SK Capital's investment,'' Aristech Acrylics President David Knowles said in an April 2 news release. ``We now can actively seek out new opportunities to develop the company.''
Aristech Acrylics' Florence plant can produce 125 million pounds of sheet annually and claims to be the world's largest continuous casting facility. The firm entered polyester sheet production in 2003 when it purchased Avonite Inc. of Belen, N.M.
SK Capital's portfolio includes specialty chemical companies in the personal-care, building-materials and agricultural specialties markets. The company was formed in 2007 to invest in the middle market specialty chemicals and health-care industries.
``Aristech Acrylics has been operated by Mitsubishi Corporation as a noncore, stand-alone entity,'' managing director Barry Siadat said in the news release. ``Under our ownership, we will refocus attention towards building upon Aristech Acrylics' tradition of innovative products and superior technology.''