Name change coincides with acquisition of company by Clayton, Dubilier & Rice-managed fund
WILMINGTON, Del. (Aug. 1, 2014) – Ashland Water Technologies has a new name – Solenis. Rooted in "solutions" and "genesis," the name underscores the company's mission to be at the source – the genesis – of solutions for its customers.
The name change coincides with the acquisition of Ashland Water Technologies by a fund managed by private investment firm Clayton, Dubilier & Rice (CD&R). Prior to the acquisition, Ashland Water Technologies was a commercial business unit of Ashland Inc. The sale closed July 31, 2014 and included the Industrial Water and the Pulp and Paper business units.
Although the name and brand is new, Solenis is grounded in a strong heritage that includes Ashland Water Technologies as well as Betz Laboratories, Drew, Stockhausen and Hercules. The stand-alone company continues a 94-year reputation as a respected manufacturer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets. Its product portfolio includes a broad array of process, functional and water treatment chemistries, as well as state-of-the-art monitoring and control systems.
"We offer a unique blend of the right people, bringing the right experience, offering the right technology for every water and process challenge so we can best meet our customers' needs and provide optimal solutions," explained John Panichella, president and chief executive officer of Solenis. "As a stand-alone company, Solenis is better positioned to pursue new opportunities and develop new products that will deliver better value to our customers and result in steady growth and improved margins."
According to Panichella, the company does not anticipate any changes to products, quality or services as a result of the transaction. "In fact," he emphasized, "although the company is adopting a new name as part of this process, we will continue to rely on our proven leadership, industry expertise and market-focused research and development to lead the industry in analyzing and solving water and process challenges and support our customers with innovative products and services, just as we have in the past."
In addition to Panichella, the Solenis leadership team includes: Jeff Fulgham, senior vice president and chief marketing officer; Charles Robinson, senior vice president, Hercules Pulp & Paper Division; John Schumann, senior vice president, Industrial Water Division; and Dr. Timothy Wood, senior vice president and chief technology officer. All five executives come from Ashland Water Technologies and bring industry expertise and specialty chemical experience to their new roles. Together, they lead a team of 3,500 professionals working in 118 countries across five continents.
Solenis looks to increase its investment in its people and processes as it researches new opportunities to grow the business in the areas of process and water technologies. The company will leverage its industry-focused consultants and extensive technology portfolio to provide comprehensive solutions and create enhanced value for its customers.
"We are definitely proud of our reputation and the strong heritage that supports it," said Panichella. "But we're also committed to looking ahead, using the experience we bring to the industry to anticipate and solve the process and water challenges of the future."
For additional information about Solenis, visit the company's website at www.solenis.com.
Solenis is a leading global manufacturer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets. The company's product portfolio includes a broad array of process, functional and water treatment chemistries as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets and minimize environmental impact. Headquartered in Wilmington, Delaware, the company operates 30 manufacturing facilities strategically located around the globe and employs a team of 3,500 professionals in 118 countries across five continents. For additional information about Solenis, please visit www.solenis.com.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private equity firm with an investment strategy predicated on producing financial returns through building stronger, more profitable businesses. CD&R manages approximately $21 billion on behalf of its investors and since inception has acquired 61 businesses with an aggregate transaction value of more than $90 billion. For more information, please visit www.cdr-inc.com.
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Clayton, Dubilier & Rice