CHANDLER, Ariz., 26 April 2006. Isola Group, SARL -- a designer, developer, and manufacturer of base materials for the printed circuit board industry -- has completed its acquisition of Polyclad Laminates from Cookson Group plc. Purchased for a cash consideration of $91 million following approval by European Union antitrust authorities, Polyclad manufactures laminate and prepreg materials complementary to Isola Group.
Isola plans to spend approximately $50 million U.S. dollars on cash restructuring charges to ensure more efficient use of global manufacturing capacities, in the hope of creating a global supplier capable of competing with laminate suppliers based solely in low-cost regions of the world.
In North America, the combined companies will be merged into a single entity, Isola USA Corporation, and co-located with the Isola Group SARL. global headquarters in Chandler, Ariz.
U.S. operations will continue to be managed by the corporate functional team headed by Ray Sharpe with Brian McDermott as VP of Sales. Sales in North America will be handled through a combination of direct sales force, select Polyclad sales agents and Isola's exclusive distributor, Insulectro. Chris Benincasa of Polyclad, will join the Isola Corporate team as VP Procurement and Supply Chain.
European headquarters will remain in Italy, led by Augusto Meozzi, Isola president of European Operations.
Isola's Asia Pacific headquarters will be relocated from Taiwan to Hong Kong with Bob Haskins of Polyclad becoming president of Isola Asia Pacific. David Lee, formerly president of Isola Asia, has elected to retire after 16 years of loyal and dedicated service. Matt LaRont, VP Asia Pacific Sales, will relocate to Hong Kong.
