OM Group

Last updated
OM Group Inc.
Type Private
Industry Specialty Chemicals
FateAcquired by Apollo Global Management
Headquarters
Cleveland, Ohio
,
United States
Area served
Worldwide
Key people
Joseph Scaminace (Chairman and CEO)
ProductsSpecialty chemicals
RevenueIncrease2.svg US$1.64 billion(FY 2012) [1]
Decrease2.svg US$36.5 million (FY 2011) [1]
Decrease2.svg US$42.0 (FY 2011) [1]
Total assets Decrease2.svg US$2.5 billion (FY 2012) [1]
Total equity Decrease2.svg US$1.2 billion (FY 2012) [1]
Number of employees
6,800
Website www.omgi.com
Footnotes /references
[1]

OM Group Incorporated is a metal-based chemistry firm based in Cleveland, Ohio, United States. It is a provider of speciality chemicals, advanced materials and technologies. [2] The company was listed on the New York Stock Exchange prior to being privatized by Apollo Global Management in June 2015.

Contents

Overview of Operations

OM Group employs approximately 6,000 people and has locations in Canada, China, D.R. Congo, France, Finland, Germany, India, Japan, Malaysia, Singapore, Taiwan, the United Kingdom and the United States. [3]

OMG has six business units:

Of these six units, its three main business platforms are: magnetic technologies, battery technologies and speciality chemicals.

OM Group supplies more than 4,000 customers, serving more than 50 industries worldwide, including automotive systems, electronic devices, aerospace, industrial and renewable energy.

History

The roots of the company date back to the 1940s when the company's predecessor Mooney Chemical Company was founded in 1946 in Cleveland by namesake James Mooney and his partner Carl A. Reusser. Forging strong ties with copper and nickel miners in Zaire and Zambia, Mooney quickly became key supplier of the metals, helping maintain some of the highest levels of productivity in the cobalt specialty-chemicals industry. In the mid-1990s, for example, OM Group's sales per employee were more than double the industry average, at $850,000 compared with less than $300,000. [4]

In the 1970s James Mooney's seventh son, James P. Mooney joined the firm at the age of just 23, joining three of his brothers in the executive office. Despite a reluctance to incur debt and therefore infrequent acquisitions, the brothers expanded the firm's product line through the purchases of Mobil Oil’s subsidiary in Pennsylvania, Chicago's Lauder Chemical, and Cleveland's Harshaw Chemical in the 1960s, 1970s, and 1980s. By 1984, the company's 40 employees generated about $2 million in annual sales. [4]

After more than four decades of family ownership, numerous members of the Mooney family decided to sell their stakes in the business and in 1991, President James Mooney started to seek buyers. [4]

OM Group Inc was established in 1993 as a result of the merger between the American company Mooney Chemicals, the Finnish firm Kokkola Chemicals Oy, and France’s Vasset SA. [4] Initially named Outokumpu Metals Group when the merger went ahead in 1991, after which the company operated as a subsidiary of the Finnish firm, Kokkola spun off its 96 percent share in the company in 1993, leading to the establishment of the OM Group. Mooney continued to own a 4% share. [4]

In the mid-nineties, the firm's geographical reach was dramatically expanded as a result of the merger and foreign sales increased by more than 50 percent. In 1994, the company invested $19.7 million in a physical plant, increasing its capacity to produce specialty chemicals. [4]

In 1995, OM Group and Dainippon Ink & Chemicals created a Japan-based joint venture. OM hoped that its cooperative enterprise would capture 15 percent of the $470 million Japanese market for cobalt-nickel inorganic compounds by the turn of the century. Later in the year, OM entered the chemical recycling industry through the acquisition of Hecla Mining Co.'s Apex mining division in Utah. [4]

Recent news

On 10 August 2007, OM Group Incorporated acquired the electronics business of Rockwood Holdings Inc..[ citation needed ] The Rockwood Electronics businesses consist of printed circuit board (PCB) chemicals, ultra pure chemicals (UPC) and photomasks.

EaglePicher Technologies was sold to OM Group Inc. in 2010. [5]

In October 2014, OM Group acquired Ener-Tek International, a designer, developer and manufacturer of high-performance lithium-ion and silver-zinc cells and batteries for niche applications in defence and aerospace markets, for a fee of $24 million. [6]

As a result of dwindling sales as a result of the slowdown in industrial activity in Europe in the preceding two years, in June 2015 OM Group agreed to be privatized by Apollo Global Management who made an offer of around $1.03 billion in cash. [7]

On November 23, 2015, the company announced its name change to Vectra and said it was moving its headquarters to St. Louis, Missouri. [8]

ST. LOUIS, Jan. 14, 2017 /PRNewswire/ — Vectra Co. (“Vectra”), a leading technology-driven diversified company serving global markets, announced today that it has completed the sale of its Borchers business division to affiliates of The Jordan Company, L.P. (“Jordan”), a U.S.-based private equity firm with original capital commitments in excess of $8 billion.

Related Research Articles

<span class="mw-page-title-main">Baker Hughes</span> American oil field services company

Baker Hughes Company, organized in Delaware and headquartered in Houston, is one of the world's largest oil field services companies. The company provides products and services for oil well drilling, formation evaluation, completion, production, and reservoir consulting. It operates in over 120 countries, with research and manufacturing facilities in Australia, Singapore, Malaysia, India, Dubai, Saudi Arabia, Italy, Germany, Norway, Oklahoma, Louisiana and Missouri. From 2017 to 2020, the company was majority owned by General Electric (GE); however, GE no longer owns a material stake in the company.

Teledyne Technologies Incorporated is an American industrial conglomerate. It was founded in 1960, as Teledyne, Inc., by Henry Singleton and George Kozmetsky.

Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and adhesives for customers like BMW, GE, Chevron, Procter & Gamble, Unilever and Walkaroo.With global headquarters in The Woodlands, Texas, it operates more than 70 manufacturing, R&D and operations facilities in over 30 countries and employ approximately 9,000 associates across four business divisions. Huntsman Corporation had 2020 revenues of approximately $6 billion.

Aptiv PLC is an Irish-American automotive technology supplier with headquarters in Dublin. Aptiv grew out of the now-defunct American company, Delphi Automotive Systems, which itself was formerly a component of General Motors.

<span class="mw-page-title-main">PerkinElmer</span> American corporation focused on life science research

PerkinElmer, Inc., previously styled Perkin-Elmer, is an American global corporation focused in the business areas of diagnostics, life science research, food, environmental and industrial testing. Its capabilities include detection, imaging, informatics, and service. PerkinElmer produces analytical instruments, genetic testing and diagnostic tools, medical imaging components, software, instruments, and consumables for multiple end markets.

<span class="mw-page-title-main">Cowen Inc.</span> American investment bank

TD Cowen, is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division. The company's broker-dealer division offers investment banking services, equity and credit research, sales and trading, global prime brokerage, outsourced trading, global clearing and commission management services. Cowen's investment management segment offers actively managed alternative investment products. Founded in 1918, the firm is headquartered in New York and has offices worldwide. Cowen claims it is known for successfully identifying emerging industries early on, especially the emerging cannabis industry.

<span class="mw-page-title-main">Albemarle Corporation</span> American chemical company

Albemarle Corporation is a specialty chemicals manufacturing company based in Charlotte, North Carolina. It operates 3 divisions: lithium, bromine specialties and catalysts.

<span class="mw-page-title-main">Kemira</span>

Kemira Oyj is a global chemicals company serving customers in water intensive industries. Kemira has two main segments, Pulp & Paper and Industry & Water. Kemira is headquartered in Helsinki, Finland.

<span class="mw-page-title-main">Engelhard</span> Defunct American corporation

Engelhard Corporation was an American Fortune 500 company headquartered in Iselin, New Jersey, United States. It is credited with developing the first production catalytic converter. In 2006, the German chemical manufacturer BASF bought Engelhard for US$5 billion.

Penton was an information services and marketing company. The company's three largest revenue streams came from events, digital and marketing services. Although Penton had a long history as a trade publisher, in 2015 it reported that 35 percent of its EBITDA derived from digital products, 54 percent from events, and 11 percent from print. The main industry segments served by Penton include agriculture, transportation, natural products/food, infrastructure, and design and manufacturing.

<span class="mw-page-title-main">Thermo Fisher Scientific</span> Provisioner of scientific consumables, equipment, and services

Thermo Fisher Scientific Inc. is an American supplier of scientific instrumentation, reagents and consumables, and software services. Based in Waltham, Massachusetts, Thermo Fisher was formed through the merger of Thermo Electron and Fisher Scientific in 2006. Thermo Fisher Scientific has acquired other reagent, consumable, instrumentation, and service providers, including: Life Technologies Corporation (2013), Alfa Aesar (2015), Affymetrix (2016), FEI Company (2016), BD Advanced Bioprocessing (2018), and PPD (2021).

<span class="mw-page-title-main">Apollo Global Management</span> American private equity firm

Apollo Global Management, Inc. is an American global private-equity firm. It provides investment management and invests in credit, private equity, and real assets. As of December 31, 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors. Since inception in 1990, private-equity funds managed by Apollo have produced a 24% internal rate of return (IRR) to investors, net of fees.

<span class="mw-page-title-main">CoorsTek</span> American ceramic manufacturing company

CoorsTek, Inc. is a privately owned manufacturer of technical ceramics for aerospace, automotive, chemical, electronics, medical, metallurgical, oil and gas, semiconductor and many other industries. CoorsTek headquarters and primary factories are located in Golden, Colorado, US. The company is wholly owned by Keystone Holdings LLC, a trust of the Coors family. John K. Coors, a great-grandson of founder and brewing magnate Adolph Coors, Sr., and the fifth and youngest son of longtime chairman and president Joseph Coors, retired as president and chairman in January 2020 after 22 years at the helm.

Keefe, Bruyette & Woods, Inc., a Stifel Company, is an investment banking firm headquartered in New York City, specializing exclusively in the financial services sector. KBW's primary business lines include research, corporate finance, equity sales and trading, equity capital markets, debt capital markets, and asset management.

Eagle-Picher Technologies is a privately held, American, manufacturing company known for its battery technology, energetic devices and battery management systems. The company started in 1843 as the White Lead Company in Cincinnati, Ohio. A merger with the Picher Lead Company of Joplin, Missouri occurred in 1906, becoming Eagle–Picher Lead, which evolved into Eagle–Picher Industries, Inc. and finally EaglePicher Technologies. With its merger with the lead mining company owned by Oliver Picher, it was the second largest producer of lead and zinc products in the world. The company has provided lithium-ion batteries to military aircraft and high altitude unmanned aerial vehicles. EaglePicher also developed the first human-implantable lithium-ion battery. The company has nine North American manufacturing and research and development sites and over 900 employees.

The Gores Group is a private equity firm specializing in acquiring and partnering with mature and growing businesses. The company was founded in 1987 by its CEO and chairman, Alec E. Gores.

<span class="mw-page-title-main">EnerSys</span> Stored energy systems and technology provider

EnerSys is a stored energy systems and technology provider for industrial applications. manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure systems to customers worldwide.

Sir Martin Ellis Franklin, KGCN is a British American, Miami-based businessman. He is the founder and chairman of Element Solutions Inc.; co-founder and co-chairman of Nomad Foods Limited, and co-founder and former chairman of Jarden Corporation, which was sold to Newell Brands in 2016. Franklin is also the founder and CEO of Mariposa Capital, a Miami-based family investment firm; a director of Restaurant Brands International Inc.; chairman and controlling shareholder of Royal Oak Enterprises, LLC, and is a principal and executive officer of several other private investment entities.

Fisker Inc. is an American automotive company founded by Henrik Fisker and his wife Geeta Gupta-Fisker. Launched in 2016 and based in Manhattan Beach, California, Fisker Inc. is the successor to Fisker Automotive.

Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. government.

References

  1. 1 2 3 4 5 6 "OMG Group Profile". Yahoo! Finance.
  2. ↑ "For Sale | omgi.com".
  3. ↑ "For Sale | omgi.com".
  4. 1 2 3 4 5 6 7 "OM Group, Inc. History". FundingUniverse.com. 1997. Retrieved 2 June 2015.
  5. ↑ "OM Group Completes Acquisition of EaglePicher Technologies" (Press release). PR Newswire, February 1, 2010. Retrieved September 29, 2019.
  6. ↑ CCB (29 October 2014). "OM Group Inc. acquires Ener-Tek International for $24 million". Crain’s Cleveland. Retrieved 2 June 2015.
  7. ↑ Ankit Ajmera (1 June 2015). "OM Group to be taken private by Apollo Global in $1.03 billion deal". Reuters. Retrieved 2 June 2015.
  8. ↑ Lisa Brown (23 November 2015). "Cleveland firm Vectra moving HQ to St. Louis". Reuters. Retrieved 23 November 2015.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.