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Cathay Pigments Inc. (El Mirage, Ariz., USA), a subsidiary of Cathay Pigments Group, has announced its acquisition of Ishihara Sangyo Kaisha (ISK) Magnetics Inc.(Valparaiso, Ind.) ISK Magnetics Inc. prior to being purchased by Cathay Pigments Inc. was once part of Pfizer before being sold to Ishihara Sangyo Kaisha Ltd. ISK Magnetics is a producer and supplier of pure iron oxide pigments used in cosmetics, foods and pharmaceuticals.
The acquisition will reportedly give Cathay Pigments (USA) Inc., a manufacturer and marketer of iron oxide based products, a more global market share in addition to new opportunities in the iron oxide market. The financial details of the acquisition have not yet be disclosed. After the transaction is complete, ISK Magnetics will be renamed Cathay Magnetics.