CITIC Captial to acquire Japan’s Polymatech
CITIC Capital Partners has agreed to acquire 100% of Polymatech, a manufacturer of polymer parts for the electronics industry, based in Fukushima.
This is the fourth investment from the private equity firm's JPY18billion ($219 million) CITIC Capital Japan Partners II fund, which focuses on buyouts of Japanese midcap companies with a strong china angle in the sectors such as special manufacturing and consumer goods..
CITIC will structure the deal through its Hong Kong subsidiary PT HD Limited, which will sponsor Polymatech under Japan's civil rehabilitation process.
Polymatech filed a petition for the commencement of civil rehabilitation proceedings on July 30 this year after amassing liabilities of JPY20.3 billion ($247 million) according to Tokyo Shoko Research.
CITIC Capital Japan will appoint new directors to the Polymatech board and leverage CITIC Group's network to assist the company in restoring growth.
Established in 1947 Polymatech has production facilities in Japan, China, Malaysia and Indonesia and has a strong market position in mobile, car and home segment applications.
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