Cross-Border Orrick Team Advises Hitachi Chemical on Acquisition of German Thermal Insulation Manufacturer


Orrick has advised Hitachi Chemical Co., a leading Japan-based functional materials and advanced components and systems company, in its acquisition of 100% of the shares of HT Beteiligungs GmbH, a German holding company holding all shares of ISOLITE, from private equity fund Equita GmbH & Co. Holding KGaA and other shareholders. ISOLITE manufactures and distributes thermal insulations for automobiles, aircraft and other industrial applications. A stock purchase agreement was signed on April 26, 2017 in Düsseldorf, Germany.

This share acquisition will allow Hitachi Chemical to expand the sales of ISOLITE’s thermal insulations to Japanese automakers through its existing domestic sales network, while taking advantage of ISOLITE’s sales network and manufacturing bases in Europe to accelerate the promotion of Hitachi Chemical’s automotive products in the European market.

The transaction exemplifies Orrick’s ability to work seamlessly across borders and practice groups. Our cross-practice due diligence team consisted of Germany, U.S., South Africa and Mexico-qualified lawyers from Orrick’s Düsseldorf, Tokyo, London, Washington, D.C., and Houston offices, as well as outside counsel in South Korea and the Republic of Bosnia and Herzegovina. The Orrick team was led by M&A and private equity partners Mark Weeks and Hiroki Sugita, in Tokyo, and Oliver Duys and Sven Greulich, in Düsseldorf.