THURSDAY, FEBRUARY 22, 2024
Manufacturer Corrosion Innovations recently announced its acquisition of specialty chemical company HoldTight Solutions. The company states that the acquisition is meant to signify a milestone in its work in the corrosion control industry.
"HoldTight, a vital player in the industrial coatings sector for over three decades, has been a strategic target from the start," said Marlin Lester, CEO of Corrosion Innovations.
"Our team is eager to integrate HoldTight's widely-used products, HoldTight 102 and 365, into our leading business, offering a synergistic approach to soluble salt removal and testing."
HoldTight was established in 1998 by Peter Petkas and has a history in developing surface preparation products for flash rust prevention. The company reportedly has a focus on enhancing coating adhesion by removing salts and contaminants, operating in industries like maritime, oil and gas and construction.
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Manufacturer Corrosion Innovations recently announced its acquisition of specialty chemical company HoldTight Solutions. |
“This acquisition further strengthens our global footprint as the leader in the industry; providing comprehensive solutions for corrosion prevention, consultation and improved asset integrity,” said President of Corrosion Innovations, Gregg Taney.
Corrosion Innovations notes that its Corr-Ze and CHLOR*RID product lines have been consistently used in the corrosion prevention sector. "Their commitment to innovation aligns with the values that define HoldTight,” said Petkas.
Additionally, HoldTight employee Kenneth Rossy will join Corrosion Innovations in a role overseeing the HoldTight brand as the Division Vice President.
"This move reinforces our dedication to delivering high-quality corrosion prevention solutions globally,” said Rossy.
Corrosion Innovations adds that this acquisition is anticipated to position the company as a comprehensive solutions provider, combining the strengths of both companies to deliver value in the corrosion prevention industry.
Previous Company News
In March last year, Corrosion Innovations announced a merger with its long-term distribution partner CRW Consulting & Distribution, LLC. The companies partnered up in 2020 for distribution of the Corr-Ze surface preparation product line.
According to the emailed press release, the merger was a “natural fit” for both companies based on their shared history and was expected to significantly enhance product and consulting offerings from Corrosion Innovations.
Marlin Lester was reportedly to remain Corrosion Innovation’s Chief Executive Officer, and Jeremi Day was expected to join their team as Chief Technical Officer. At the time, Taney also took on the role of President, with Trey Chandler assumed the position of Director of International Sales.
Additionally, the merger was anticipated to allow Corrosion Innovations to expand its product offerings, while providing customer service from AMPP-certified experts with decades of experience in the corrosion and coatings industries.
According to the company’s announcement on LinkedIn, the two companies were operating in the South Houston area since 2019, and the move came after their sales and distribution outgrew their previous space.
The 15,000-square-foot facility houses indoor storage, training and administrative facilities and will reportedly allow for the continued growth of the Corr-Ze product line. The expanded space was reportedly needed to host several demonstrations of the Corr-Ze 200 product released in 2022, which was “critical” in the decision to relocate headquarters, the company said.
Later that month, the company announced it had acquired the Chlor*Rid product line from Milliken & Company. The line reportedly included surface decontamination, passivation products, and salt testing kits for soluble salt detection and removal.
Corrosion Innovations reported that Milliken decided to divest the product line because it no longer aligned with the company's overall coating additives business strategy.
According to the release, Robinson, Bradshaw & Hinson, P.A. acted as legal advisor to Milliken. Corrosion Innovations was represented by legal advisor Ice Miller LLP.
Tagged categories: Acquisitions; Business management; Business matters; Business operations; Coatings; Corrosion control coatings; Corrosion Innovations; Distributors; HoldTight; Mergers; Program/Project Management; Surface Preparation
