SI Group has agreed to sell its industrial resins business to ASK Chemicals, a portfolio company of Rhône Group, LLC. No financial terms were disclosed.
SCHENECTADY, N.Y., July 23, 2021 /PRNewswire/ — SI Group, a leading performance additives company, announced today 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.
The transaction includes SI Group’s Industrial Resins products and 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, is a market leader 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 & CEO of SI Group. “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 & Adhesives, Oilfield, and Surfactants, as well as Foundry products in Brazil, and will operate tolling agreements with ASK. The company will also retain the Industrial Resins businesses in the U.S. and China.
About SI Group
SI Group is a global leader in the innovative technology of performance additives, process solutions, active pharmaceutical ingredients, and chemical intermediates. SI Group solutions are essential to enhancing the quality and performance of countless industrial and consumer goods within the plastics, rubber & adhesives, fuels & lubricants, oilfield, pharmaceutical, and industrial resins industries. Headquartered in Schenectady, New York, SI Group’s global manufacturing footprint includes 24 facilities on five continents, serving customers in 90 countries with 2,800 employees worldwide. SI Group innovates and drives change to create value with a passion for safety, chemistry, and extraordinary results. Learn more at www.siigroup.com.