KYOTO, JAPAN—Daiichi Kasei Co. has acquired 100 percent of Ultrafabrics LLC, the artificial leather distributor in Tarrytown, NY (USA) in mid-February, 2017.
Daiichi Kasei is a Japan based company primarily engaged in the production and sale of synthetic leather.
According to a report by Reuters News Service, Daiichi Kasei will actually purchase the 84.21 percent stake it didn’t already own from the principals and founders of Ultrafabrics LLC, Clay Rosenberg and Danielle Boecher-Primack. Daiichi previously purchased 15.797 percent of Ultrafabrics in November, 2016.
The sales of Ultrafabrics are reportedly $60 million annually but Daiichi paid $126 million for the company according to Reuters. Ultrafabrics primary brands include Brisa, Ultraleather, Ultratech and Uf2.
The principals were not available for comment at Ultrafabrics LLC at presstime despite attempts to reach them.
Although an internal memo was circulated to employees, Ultrafabrics LLC has not made a formal announcement about its sale.