Materials firm Chroma Color Corp. has made its second deal of 2020, this time acquiring Epolin Chemicals LLC for an undisclosed price.
Officials with Chroma in McHenry, Ill., said in a news release that Newark, N.J.-based Epolin has global leadership in near-infrared absorbing dyes and plastic compounds. They added that the acquisition expands Chroma's product offerings in targeted growth markets such as sensors, security inks, light filters, touchscreens, night vision products and eyewear.
Epolin will operate as an independent subsidiary of Chroma. The acquisition "will contribute significantly to Chroma Color's leadership in the colorants and additives industry," CEO Tom Bolger said.
He added that Chroma is excited to add Epolin's NIR Dye technology.
Chroma Vice Chairman Matt Barr said that the Epolin deal also provides "a tremendous opportunity for cross-selling by our team when IR absorption is part of an application combined with traditional color."
"Of the many advantages Epolin customers will enjoy as a result of this transaction is access to Chroma Color's extensive product development, testing and validation capabilities," he added.
Epolin's customers can now be served by Chroma's ongoing research and development efforts to deliver new solutions for the markets that both Epolin and Chroma Color serve, Epolin CEO Greg Amato said. Epolin was founded in 1983 and has been owned by investment form Polymathes Capital of Princeton, N.J., since 2012.
Chroma acquired concentrates maker Plastics Color Corp. of Calumet City, Ill., in February. In May, Chroma announced that the PCC plant in Calumet City would close by the end of July. Officials said that decision was not affected by the COVID-19 crisis. The PCC acquisition also included a plant in Asheboro, N.C.
Arsenal created Chroma Color in 2018 through the combination of three companies: Carolina Color, Breen Color Concentrates and the original Chroma Corp. Chroma Color makes color concentrates based on a variety of resins for several markets. The firm employs about 400 and has annual sales of more than $160 million.