Type Public (LSE: ELM) Number of employees 13,079 Revenue 678.8 million USD (2015) Founded 1844 | Industry Chemicals Website www.elementis.com Headquarters London, United Kingdom Net income 95.3 million USD (2015) Subsidiaries Elementis UK | |
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Key people Andrew Duff, Chairman
Paul Waterman Group Chief Executive Stock price ELM (LON) 296.71 GBX +1.81 (+0.61%)8 Mar, 5:11 PM GMT - Disclaimer | ||
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Elementis plc is one of the UK's largest speciality chemicals and personal care businesses, with extensive operations in the United States, Europe and Asia. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Contents
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History
The company was founded in Liverpool in 1844 as Harrisons and Crosfield by Daniel Harrison, Smith Harrison and Joseph Crosfield to trade in tea and coffee. In the 1860s it became one of the largest tea traders in the UK. In 1903 it diversified into operating rubber plantations in the far east acquiring shareholdings in a number of plantation companies. Then in 1948 the company became a major producer of latex at its factory in Petaling.
In 1967 it acquired Durham Chemicals in Birtley and in 1973 acquired British Chrome & Chemicals in Eaglescliffe so diversifying into the chemicals business. It also acquired a stake in the Sabah Timber Company and then in 1978 took complete control of it. By the end of the 1970s Harrisons and Crosfield was the 91st largest industrial company in the UK by turnover.
In 1982 it sold its Malaysian plantations and in 1994 it sold its Indonesian plantations: these business have since been absorbed into Sime Darby and London Sumatra respectively.
In 1998 it changed its name to Elementis plc and acquired Rheox, a speciality chemicals business and in 2002 it acquired Oxychem's chromium chemicals business.
Operations
The business has four divisions:
Current Operations and Acquisitions
On 8 February 2016 Paul Waterman took up the role of Group CEO and President of Elementis Plc. Within a year of his tenure, in a bid to grow the companys personal care and cosmetics business, Waterman acquired SummitReheis, an antiperspirant ingredient supplier for US$360 million. SummitReheis manufactures and distributes antiperspirant chemicals for deodorants and dental products, a $13Bn industry
"Chief executive officer Paul Waterman said: The group is well positioned to capitalise on this acquisition through the enhanced geographic footprint and strong customer relationships that it brings. Together with our existing business, the acquisition of SummitReheis is transformative for our personal care business, creating a substantial, high return platform that will help accelerate our Growth strategy.”
The deal was received positively by both the capital markets "Market Cheers US Acquisition By Elementis" and was reported by the cosmetics industry.