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Ionbond and IHI Corporation enter into transaction agreement

27 September 2012

IHI Corporation (“IHI”) of Japan is pleased to announce that it has entered into an agreement to acquire 100% of the shares of Ionbond, a worldwide leader in wear protection coatings headquartered in Switzerland, from the current majority shareholders Barclays Ventures and Credit Suisse AG and other minority shareholders.

IHI provides thin-film technology to industrial customers through its Physical Vapor Deposition (“PVD”) equipment and services, and together with its subsidiary Hauzer Techno Coating B.V. (“Hauzer”) in the Netherlands acquired in 2008, is a proven leader in Diamond Like Carbon (“DLC”) technology. The acquisition of Ionbond is the next step in building IHI’s worldwide framework of complimentary machinery and job-coating products and services to its global customer base.

Going forward, Ionbond, Hauzer and IHI will work together to provide a comprehensive portfolio of services in both metal and non-metal applications, furthering IHI’s ambition of becoming a global leader in heat treatment and thin-film technology, markets which are expected to show significant future growth.

“I express both Ionbond’s and IHI’s view when I say that we are really excited about this transaction and see this as a perfect fit”, said Joe Haggerty, the CEO of Ionbond. “Ionbond sees great synergies with both Hauzer and with the wider IHI organization. The combination of Ionbond’s process engineering and extensive coating service network, coupled with the design engineering excellence at Hauzer for coating machinery, should lead to many innovations and advantages for our customers in the coming years. In addition, Ionbond’s strength in CVD products complements the current PVD and PACVD offerings within Hauzer and the IHI Corporation.”

The headquarters of Ionbond will remain in Switzerland. The transaction is subject to obtaining the necessary regulatory approvals which are expected to be fulfilled by the end of the year.

About IHI
Established in 1853, IHI is a listed Japanese industrial conglomerate with a market capitalization of ¥ 270bn (CHF 3.3bn) and 2011 sales of ¥ 1200bn (CHF 14.6bn). The company operates through its five major business fields Energy and Resources, Shipbuilding, Social Infrastructure and Security, Industrial Machinery and Systems, Rotating and Mass Production Machinery and Aero Engines and Space.

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