SI Group to Sell Industrial Resins Business Outside of US and ChinaSI Group to Sell Industrial Resins Business Outside of US and China
Germany’s ASK Chemicals will take over the majority of industrial resins products as well as associated manufacturing sites in Brazil, India, and South Africa.
July 26, 2021
Performance additives company SI Group has announced plans to complete an agreement to sell the majority of its global Industrial Resins business to ASK Chemicals, a portfolio company of private equity firm Rhône Group LLC.
In addition to its industrial resins products, the transaction includes SI Group’s associated manufacturing sites in Rio Claro, Brazil; Ranjangaon, India; and Johannesburg, South Africa, as well as licensed technology and multiple tolling agreements globally.
ASK Chemicals, headquartered in Hilden, Germany, operates in the foundry materials sector and manufactures binders, coatings, feeders, filters, and release agents, as well as metallurgical products including inoculants, inoculation wires, and master alloys for iron casting.
“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,” said David Bradley, President and CEO of SI Group, which has its headquarters in Schenectady, NY. “The deal also allows us to focus more intentionally on building and growing our portfolio as a performance additives powerhouse.”
SI Group will carve out related businesses at these sites, including the manufacture of rubber and adhesives, oilfield, and surfactants, as well as foundry products in Brazil, and will operate tolling agreements with ASK. The company will retain the Industrial Resins businesses in the United States and China.
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