KKR consortium completes LCY transaction
LCY Chemical Corp. and investment firm KKR have announced the completion of the previously announced share exchange and purchase transaction under which the KKR-led consortium has acquired all of the issued and outstanding shares of LCY. As a result of the completion of the share exchange and purchase, LCY has become a private company and was delisted from the Taiwan Stock Exchange.
LCY will maintain its corporate headquarters in Taipei, its existing global distribution and sales networks and its production plants in Taiwan, mainland China and the USA. The company provides a wide range of SBCs under the brand name Globalprene.
TH Hong, Chairman of LCY, said, “We are thrilled to embark on the next stage of LCY’s growth by welcoming KKR as a long-term partner. KKR has a demonstrated track record of supporting the growth and success of companies globally and we want to leverage their expertise to accelerate our strategy and enable us to better anticipate and meet the evolving needs of our customers in Taiwan and worldwide.”
Paul Yang, Member and Head of KKR Greater China, added, “LCY is a truly differentiated, high-performing company in the field of petrochemicals, with a strong team that is dedicated to quality and innovation. We are excited to support LCY as a constructive partner to enhance the Company’s strategy and competitive strength by investing in its people and facilities in Taiwan and overseas.”