Marc Shore, MPS’s CEO, says, “Joining these two companies will greatly benefit our customers and employees. The combined manufacturing footprint and technological capabilities are truly unique and will position us to match our customers’ needs with a broader range of products and operational flexibility. The ability to produce these goods and services in the United States, Europe and China will also give our customers consistency on a global basis. We are very excited to bring these two families of passionate, hardworking and committed employees together as they will ensure our future success.”
Mike Cheetham, Chesapeake’s CEO, adds, “I’m excited about the prospects this transaction offers for our collective customers, employees and suppliers. Both companies have benefited from a strong ongoing investment program and will continue to invest in order to deliver on the considerable growth opportunity this merger presents. Our extensive global network of dedicated operations provides our customers with a strategic partner for their long-term needs.”
Marc Shore has been appointed CEO of the combined company. Mike Cheetham and Dennis Kaltman, current MPS President, will be co-presidents and will serve with Shore on the Executive Committee responsible for overseeing the integration and growth of the combined company.
Upon completing the merger, ownership in the combined company will be split evenly between funds managed by global alternative asset manager The Carlyle Group and Chesapeake management, who currently collectively own 100% of Chesapeake, and investment funds advised by Madison Dearborn Partners, LLC and MPS management, who currently collectively own 100% of MPS. Completion of the merger is subject to customary closing conditions, including regulatory approval. It is anticipated that the merger will close during the first quarter of 2014.