Spartanburg-based Milliken & Co. announced Thursday it has acquired the assets of Keystone Aniline Corp.
Keystone, headquartered in Chicago, produces dyes, pigments, pigment dispersions, and polymers for a variety of industries.
Financial terms of the deal were not disclosed.
Milliken spokeswoman Courtney Edwards said the acquisition will not result in layoffs or facility closures.
Keystone’s Chicago office will continue to operate, but the headquarters for all of Milliken’s chemical companies is in Spartanburg, Edwards said.
In a statement, Milliken said the deal will position it for global growth and provide customers with a broader selection of advanced colorant solutions, technologies, and services.
“Milliken and Keystone Aniline Corporation share a long history of innovation, environmentally responsible manufacturing and relationship-building — core values which connect us in practice, perspective, and approach to values-based business,” said Harold Chandler, president, CEO, and chairman of Milliken & Co., in a statement. “We look forward to welcoming Keystone to the Milliken family of companies and competing together as we leverage meaningful innovation and environmentally responsible manufacturing.”
Keystone, founded in 1920 in Chicago, has operations in Europe and North America, including its largest manufacturing plant off Highway 292 in Inman.
The company established its first international location in 1950 in Huddersfield, England.
Keystone expanded into aqueous and solvent-based pigment dispersions in the 1960s at its plant in Inman.
In 2016, the company acquired Colour Synthesis Solutions, a provider of fine chemicals and custom chemistry services in the United Kingdom. The company also completed a 35,000-square-foot addition to its Inman facility.
Prior to its acquisition by Milliken, Keystone offered specialized solutions, including FDA-compliant dyes, biodegradable colorants, CleanGredients database listed products, and sub-micron pigment dispersions. All of those products are now a part of Milliken’s portfolio, the company said.
“By combining our product portfolios and specialized colorant knowledge with Milliken’s solutions and expertise, we create business and market synergies that will drive new global opportunities and better meet the evolving needs of our customers,” said John Andrews, Keystone’s CEO, in a statement. “The strengthened organization will possess greater breadth and depth across the board, from research and development to formulation capabilities, to quality control and product stewardship. This partnership will be a part of Milliken’s future growth and success.”
Milliken was founded in 1865 in Portland, Maine, as the Deering Milliken Co., a wholesaler of wool fabrics and dry goods that was a joint venture between Seth Milliken and William Deering.
In 1945, the elder Milliken’s grandson, the late Roger Milliken, organized a team of researchers who worked out of a little house near Clemson. The team’s early breakthroughs included a stretch nylon for women’s stockings, self-ironing fabrics, and a washable polyester fabric.
The company’s headquarters moved from New York to Spartanburg in 1959.
Today, Milliken boasts more than 5,000 patents worldwide, and 35 manufacturing facilities and 7,000 associates in North America, Europe, Asia, and Australia.
Its expertise spans specialty chemicals, floor coverings, and performance materials.
