ASK Chemicals to acquire industrial resin business from SI Group
AFS Corporate Member ASK Chemicals, a supplier of foundry chemicals, announced it entered into a definitive agreement to purchase the industrial resin business from SI Group (New York). ASK Chemicals and SI Group have agreed on the purchase of SI Group’s industrial resins business and associated manufacturing sites in Rio Claro, Brazil; Ranjangaon, India; Johannesburg and Durban, South Africa, as well as licensed technology and multiple tolling agreements globally. The transaction is expected to close later this year.
“This acquisition is an important step in our growth strategy. It substantially reinforces our position in the foundry business and helps us to accelerate our penetration in certain growth countries,” said Frank Coenen, ASK Chemicals CEO. “At the same time, it allows us to take a first step in building a phenolic industrial resins business, an attractive market with promising growth opportunities.”