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Rohm and Haas Invests in Venture Capital Firm, Innovation Ventures, LP

Published on 2004-08-10. Author : SpecialChem

 

Philadelphia, PA -- Rohm and Haas Company (NYSE:ROH) said that it has made an investment of $5 million in Innovation Ventures, L.P. (IVLP), a newly established venture capital firm.

Innovation Ventures targets investments in emerging technology companies that have a focus in specialty chemicals and materials, electronic materials and devices, nanotechnology, industrial bio-technology and information technology, among other investment areas. The Wilmington, Delaware based firm intends to make investments in companies located throughout the United States, with an emphasis on companies located on the East Coast. Rohm and Haas will have a representative on IVLP's Advisory Board. The company also will serve as the Fund's strategic partner, and will provide input in technology evaluation, global market analysis, deal sourcing and exit strategies.

"This relationship with Innovation Ventures provides Rohm and Haas with yet another way to evaluate emerging technologies in areas of strategic interest to the company," said Tom Macphee, Vice President of Corporate Development and Strategy. "Venture capital is a unique tool to seek out strategic relationships, provide investment opportunities, and to enhance existing research and research partnerships already in place." He added, "Innovation Ventures' management has a proven track record of identifying companies with unique technologies that can be expanded to the global market."

IVLP's Managing Principal, David J. Freschman, stated, "We are thrilled to have Rohm and Haas as our Fund's strategic investor, and to be associated with a global technology company which fits our existing investment strategy. Rohm and Haas's relationships around the world, as well as the experience of their scientists and technologists provide a unique competitive advantage and should enhance the anticipated returns of the Fund."

Dr. Patrick J. Foley, Jr., another Principal in the Fund with over 32 years of experience in the global chemical industry, noted, "IVLP was established to take advantage of the significant business opportunities now emerging in nanotech, chemicals and materials and electronics. We are looking forward to working with Rohm and Haas to accelerate the technical and business success of our future portfolio companies and to supplement the already unique skills our Fund management team."

About Rohm and Haas Company

Rohm and Haas is a worldwide producer of specialty materials with more than 100 plants and research facilities in 27 countries. Rohm and Haas technology is found in paint and coatings, adhesives and sealants, construction materials, personal computers and electronic components, household cleaning products and thousands of everyday products.

About Innovation Ventures, L.P.

Innovation Ventures is a recently established venture capital fund focused on investment opportunities in emerging technology businesses. Innovation Ventures, L.P. was formed by a team of seasoned venture managers and investors associated with the Delaware Innovation Fund, which has an eight-year history of successfully investing in and working with leading-edge technology entities throughout the Mid-Atlantic region. The Fund's Principals are also founders and closely related to Early Stage East and Bio-Life-Tech venture conferences, two of the largest venture capital events showcasing emerging technology companies. The Principals of the Fund have over 60 years of combined experience working with start-up and venture backed enterprises. They include David J. Freschman, MBA, CPA, Patrick J. Foley, Jr., Ph.D., and Sherri L. Schaeffer, JD. IVLP's home office is in Wilmington, Delaware.

Source: Rohm and Haas Company


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