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Citadel Plastics Holdings, a leading global compounder of thermoplastic and thermoset resins, announced that it has completed the acquisition of Lucent Polymers, a leading supplier of highly engineered compounds that heavily leverage sustainable inputs, from Chattanooga, Tennessee.
“Lucent is a very strategic acquisition for Citadel, bringing outstanding expertise in material science and sustainable products technology, as evidenced by its broad portfolio of more than 1,400 formulations,” said Mike Huff, CEO of Citadel Plastics. “The addition will significantly increase our presence in engineered resins and improve our market position for future growth with new customers and new end markets.” Lucent is headquartered in Evansville, Indiana, where Citadel’s Thermoplastics Division is also headquartered. The company has differentiated itself in the U.S. compounding industry through its proven ability to formulate, source and utilize various low‐cost feed streams to meet exacting specifications. Over the past seven years, Lucent exceeded the industry’s growth rate by more than 95 percent. In addition to continuing the manufacture of its existing products, Lucent will begin to produce Citadel’s Matrixx, Aclo, QTR and Fiberfil brands.The purchase of Lucent Polymers is the seventh plastics‐related acquisition for Citadel since 2007 and is the 31st acquisition for HGGC, a private equity firm with a controlling interest in Citadel. About Citadel Plastics Holdings: HGGC of Palo Alto, California, and Boston‐based Charlesbank Capital Partners are the primary owners of Citadel Plastics. Citadel is a leading provider of custom material solutions including both thermoplastics and composite products. The company’s end markets include automotive, electrical, construction, HVAC, home and garden, and appliance. Formed in 2007 and built through a series of cornerstone and tuck-in acquisitions, the company's custom-engineered solutions, stable margin profile and blue chip customer base provide attractive opportunities for future growth. It is headquartered in West Chicago, Illinois, and has a global workforce spread across seven countries. More information: www.citadelplastics.com