German industrial conglomerate Henkel AG & Co. is buying Bergquist Co., a Chanhassen maker of insulating materials for electronics products, the companies said Thursday.
Terms were not disclosed.
Privately held Bergquist, founded in 1964, had sales last year of about $170 million and employs about 1,000 people at five plants in the United States and one in China.
Neither Chairman Carl Bergquist nor CEO Benoit Pouliquen responded to phone calls Thursday. The company referred to a statement from Henkel.
The acquisition "is in line with Henkel's global strategy to invest in complementary leading technologies and strengthen its position as global market and technology leader, Jan-Dirk Auris, Henkel's Executive Vice President of Adhesive Technologies said in a statement.
"Bergquist's track record in developing unique thermal-management solutions fits with our commitment to provide best-in-class customized solutions," Auris said.
In the last fiscal year, Henkel's adhesives unit produced about $10.4 billion in sales, which Henkel says makes it the "leading solution provider for adhesives, sealants and functional coatings."
Bloomberg News reported Thursday that Henkel Chief Executive Kasper Rorsted has turned his sights on adhesives after spending $1.5 billion this year on companies involved in personal care products, the biggest of which was a deal for France's Spotless Group, a maker of laundry products. It also spent about $350 million on U.S. Hair Professional, a maker of salon products, from an investor group.
