Praxair Surface Technologies, Inc., a subsidiary of Praxair, Inc., has acquired Sermatech International Holdings Corp. from Arsenal Capital Partners, a New-York-based private equity firm.
Sermatech is a global supplier of protective coatings and advanced processes used on industrial and aviation gas turbines. The company serves the aerospace, defence, power generation and oil and gas markets.
Sermatech’s high-performance slurries, along with its diffusion and thermal-spray coating processes, extend component life and reduce maintenance costs by limiting degradation of metal parts at high temperatures.
The company has operations in the U.S., Canada, United Kingdom, Germany and South Korea. The business generated sales of $116 million in 2008 and has 625 employees.
$quot;The addition of Sermatech coatings to our offerings, particularly its signature SermeTel® slurry-based product, further strengthens Praxair Surface Technologies’ ability to serve customers in our target end markets,$quot; said Praxair Surface Technologies President Mark Gruninger.
$quot;Sermatech has built a reputation for quality surface treatments and an industry-leading brand worldwide. We welcome their employees to the Praxair team.$quot;
Gruninger said Sermatech and its employees will be integrated into Praxair Surface Technologies’ global operations.
Financial terms of the transaction were not disclosed.