Prince Minerals Inc. has acquired IGC Technologies LLC for an undisclosed price, according to a company statement. New York-based Prince Minerals is a privately held producer and supplier of specialty mineral products including cryolite, iron pyrite, and zircon sand products.
Prince said the purchase will give it wider exposure in the foundry sector, “particularly in the growing Asian and Latin American markets.” Besides the foundry market, the group supplies products and materials to manufacturers of bricks, glass, refractories, cement, and steel.
IGC Technologies develops and produces anti-veining agents and similar additives, coatings, and hot toppings. According to the statement, Prince Minerals is IGC’s principal supplier of raw materials, and the two companies have had a working relationship for some time.
“Combining Prince with IGC creates significant raw material, operational, administrative, and marketing synergies and opportunities,” according to Willson Ropp, Prince Minerals chairman. “This allows us to offer value-added, mineral-based solutions to the foundry industry which will complement our existing product line.
“Also, merging the R&D teams of the two companies will significantly broaden the technical service and development capabilities we offer all of our metallurgical customers worldwide,” Ropp continued.
Ropp said IGC chief executive Ralf Schonfelder will join the Prince Minerals executive management team, with global responsibility for its metallurgical activities.
Prince Minerals is owned by Palladium Equity Partners LLC, which has investments in financial services, consumer/retail, food/restaurants, healthcare, manufacturing, and media businesses.
Prince Minerals Acquires IGC Technologies
Consolidation expected for suppliers of specialty minerals, anti-veining agents