Carlyle lands €338m electronics group

Chemical conglomerate Clariant has agreed to sell German-headquartered AZ Electronic Materials to The Carlyle Group.

Global private equity firm Carlyle Group has agreed to acquire AZ Electronic Materials (AZ) for CHF 518 million (€339 million; $415 million) from parent chemical company Clariant.

The acquisition of AZ, a global supplier of electronic materials to the semiconductor and flat panel display industries, is subject to approval by anti-trust and competition authorities and is expected to close in the autumn.

Headquartered in Wiesbaden, Germany, AZ has 800 employees worldwide and has research and development and manufacturing sites in France, Germany, Japan, Korea, Taiwan and the US. In 2003, the company generated revenues of €291 million.

Commenting on the transaction, Robert Easton, managing director at Carlyle said: “AZ has great market positions. We are fully committed to supporting and investing in the growth of AZ and will be building a facility in China in the near future and expanding the Taiwan site.”

Carlyle was advised by Aon Mergers and Acquisitions Group.

Carlyle has demonstrated its global reach with recent acquisitions in the US, UK and Japanese markets. Last week, the firm acquired US aviation services company Garrett Aviation Services from General Electric. Also this month, the firm agreed to purchase Dunlop Standard Aerospace from UK private equity firm Doughty Hanson for $1.4 billion.

Last month, Carlyle agreed one of the largest deals yet seen in the burgeoning Japanese market, acquiring wireless data provider DDI Pocket from KDDI Corporation for Y220 billion ($2.03 billion; €1.7 billion).

Carlyle currently claims a total of $18.3 billion in assets under management. The firm has invested $10.3 billion in equity since 1987, when the Washington DC-based firm was founded.