A Cass County silicone manufacturer founded 28 years ago by a former Dow Chemical Company chemist has been sold to a global chemical giant based in Europe. ICM Silicones Group, headquartered in Cassopolis, becomes a part of CHT Group, headquartered in Tubingen, Germany.
ICM was founded in 1989 by former Dow Chemist Ken Charboneau and evolved into a leading independent formulator and manufacturer of specialty silicone materials with a product catalog exceeding 800 proprietary lines of gels, gums, emulsions, antifoams and elastomers manufactured right here in Michigan’s Great Southwest as well as in the United Kingdom, Italy, China and in Richmond, Virginia.
ICM Silicones Group itself consists of five separate operating subsidiaries including ICM Products in Cassopolis, QSi LLC in Richmond, ACC Silicones Ltd in Bridgwater, UK, Treco Srl in Milan, Italy and ACC Silicones in Tianjin, China.
CHT Group is a leading silicone specialties supplier throughout Europe seeking to position itself as a leading supplier worldwide.
Dr. Frank Naumann is CEO of CHT Group. He says, “We’re excited to combine the silicone specialty businesses of ICM and CHT.” He adds, “The acquisition doubles our current silicone business and positions us as a leading silicone specialties supplier globally. We look forward to continuing the strong business development by building on the combined strength of technical innovation and customer service both companies offer. Furthermore, this transaction brings CHT Group back to the ever important U.S. market.”
Levi Cottington is CEO at ICM, and he also expressed enthusiasm over the acquisition, saying, “The acquisition is a great fit for both companies. CHT gains a strong presence in the United States plus add technology and market segment expertise that can be used globally. We appreciate what we have been able to accomplish with Century Park and look forward to being part of the strong global CHT team.”
ICM Silicones Group was sold to Century Park and Akoya five years ago, and has been operated by that private equity investment group based in southern California. ICM Founder Charboneau moved from the executive suite to the role of Chief Technical Officer when Century Park took the reins in order to focus more on the technology side of the silicone business.
ICM has been a growing entity in the region, having added a 2,300 square foot research & development lab in Cassopolis in the spring of 2016, investing more than half-a-million dollars on that project designed to expand ICM’s product offerings.
ICM’s focus has been on supplying a broad array of products to multiple industries including the aerospace, automotive, electronics, renewable energy, molding, LED, food & chemical processing, and personal care industries. They provide products to more than 2,000 customers worldwide.
Terms of the deal between ICM and CHT have not been disclosed.
