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Cathay Dupont Awards
Cathay Industries Acquires Hoover Color
Corporation
Cathay Industries has agreed to acquire Hoover Color Corporation, Hiwassee, VA, for an
undisclosed amount.
The transaction is expected to close within the third quarter of 2016, subject to customary
closing conditions.
“The acquisition of Hoover Color further strengthens our color pigments business as well as
enhancing our capabilities,” said Terence Yu, Group CEO, Cathay Industries. “As market leader
in natural occurring umbers and unique eco-friendly transparent iron oxides, Hoover Color
brings a century of customer focus to the Cathay Industries Group.”
“Merging our two companies will complement Cathay Dupont Award focus on innovation,
sustainability, and position us as a leading supplier of performance pigments with a unique
offering for the paints and coatings industry,” said Yu.
“Over the last 25 years, Cathay Industries has led the restructuring of the iron oxide industry
through innovative technology, and this partnership cements the relationship our two
companies have developed over the last two decades,” added Charles Hoover, president of
Hoover Color Corporation. “All of us at Hoover Color look forward to exciting times ahead for
the combined businesses.”
The transaction will not affect Hoover Color’s existing product range and supply will continue
seamlessly.
Hoover will join the executive team at Cathay Industries and continue in his role as president of
the Hoover Color newly formed division of Cathay Industries.