Ultrafabrics, a supplier of polyurethane fabrics, has merged with Daiichi Kasei Co. (DKK), a publicly traded company on the Tokyo Stock Exchange.
According to a press release, Ultrafabrics and DKK have been long-standing partners in the production of the U.S.-based company’s high-performance fabrics for many industries, including RV, furniture, automotive, aviation, healthcare and marine. The acquisition of the shares saw DKK increase its previous 16% stake in Ultrafabrics to 100% and is going to form the publicly traded Ultrafabrics Holdings Co. later this year, which includes both companies.
Current senior management will continue to oversee the Ultrafabrics organization and remain in their ownership roles in the new vertically integrated corporate structure, “thus merging management of both entities into one stronger unit,” the release stated.
“Ultrafabrics’ management team is excited by the opportunity provided by the integration of the two organizations,” said Clay Rosenberg, co-founder and CEO of Ultrafabrics. “The 30-year relationship between the two companies made the merger a logical step.
“Everything each company does is complementary to one another, so it’s a natural progression and transition,” he said. “Our company is based on American and Japanese expertise combined and perfected, and this will make our partnership even stronger.”