Richard Hooper, an industry veteran with 40 years of experience with specialty materials, has been appointed CEO of Innophos, effective immediately.
Under the terms of the transaction, Innophos’ stakeholders will receive $32 in cash for each share of Innophos common stock they hold, without interest and subject to any applicable withholding taxes. The transaction received approval from Innophos stockholders at a meeting of the stockholders held in January. Shares of Innophos common stock have ceased trading and will no longer be listed on the NASDAQ Global Select Market.
Related: One Rock to Acquire Innophos Holdings Ardent Mills Purchasing Andean Naturals Purity Organic Acquires Dunn’s River BrandsTony W. Lee, Managing Partner of One Rock, said in the release: “We are pleased to partner with Innophos, which has established an enviable, market-leading position with comprehensive manufacturing and R&D capabilities. We intend to build on its strong foundation and help enable the Company’s success over the long term by instilling operational and commercial excellence and working to enhance the solutions that Innophos offers to an impressive roster of brands around the world.”
Hooper added: “The closing of this transaction represents an exciting new chapter for Innophos and its employees and customers that furthers its ability to improve quality of life through purpose-built ingredients. As a private company, Innophos is expected to have greater flexibility to drive continued growth in its attractive end markets and strengthen its existing operations. I am thrilled to lead Innophos at this important point in its evolution and look forward to leveraging the substantial resources and expertise of One Rock to deliver unparalleled value to our customers.”
One Rock Managing Partner R. Scott Spielvogel commented: “Having worked closely alongside Richard previously, we are confident he will be able to apply his proven track record of creating value at specialty materials companies to Innophos. Richard is an outstanding leader, and we believe he will align well with the Company’s culture.”