Corning Incorporated and Mitsubishi Heavy Industries have sold CORMETECH to STEAG SCR-Tech
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that it has represented Corning Incorporated (NYSE:GLW; “Corning”) and Mitsubishi Heavy Industries, Ltd. (TSE:7011; “MHI”) in the sale of CORMETECH, Inc. (“CORMETECH” or “the Company”) to STEAG SCR-Tech, Inc. The two companies merged their businesses, adopting the CORMETECH name. Terms of the transaction were not disclosed.
CORMETECH was formed in 1989 from the equity ownership of Corning and MHI. CORMETECH is the industry’s leading environmental catalyst manufacturer and full life cycle catalyst management and service solution provider. CORMETECH has delivered environmental catalysts for more than 1,600 SCR systems totaling over 156 GW of worldwide generating capacity. CORMETECH has manufacturing operations in Durham, North Carolina, and Cleveland, Tennessee, as well as three licensees and a sales office in China.
Lincoln acted as the exclusive financial advisor to Corning, MHI and CORMETECH, working closely with the shareholders and management team throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
Meet Our Professionals
View More Transactions
Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.