SI Group to sell majority of industrial resins business to ASK Chemicals
SI Group, a New York-based performance additives company, has agreed to divest the majority of its global industrial resins operations to ASK Chemicals for an undisclosed price.
Based in Hilden,ASK Chemicals Germany, ASK Chemicals is a portfolio company of Rhône Group, a private equity firm.
The sale includes SI Group’s industrial resins products and related manufacturing plants in Rio Claro in Brazil, Johannesburg in South Africa, Ranjangaon in India, along with licensed technology and various tolling agreements globally.
ASK Chemicals is engaged in manufacturing binders, feeders, coatings, filters, and release agents along with metallurgical products such as inoculants, inoculation wires, and master alloys for iron casting.
SI Group to sell majority of industrial resins business to ASK Chemicals. Photo courtesy of SI Group, Inc.
David Bradley — President and CEO of SI Group said: “We remain confident this is the right strategic move for our employees and our business. ASK Chemicals has proven industry expertise that will add significant value and continuously enhance these businesses.
“The deal also allows us to focus more intentionally on building and growing our portfolio as a performance additives powerhouse.”
SI Group said that will create related businesses at these sites, which include the manufacture of oilfield, and surfactants, rubber and adhesives, and foundry products in Brazil, and will operate tolling agreements with ASK Chemicals.
The American performance additives company will retain its industrial resins businesses in the US and China as well.