SI GROUP COMPLETES SALE OF INDUSTRIAL RESINS BUSINESS TO ASK CHEMICALS
Transaction Includes Products, Technology, and Manufacturing Assets in Brazil, India & South Africa
SCHENECTADY, NY – Nov. 1, 2021 – SI Group, a leading performance additives company, announces the completion of the sale of a 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.
SI Group is retaining related businesses in Rio Claro, Brazil, and will continue servicing customers in the Rubber & Adhesives, Oilfield, Surfactants, and Foundry markets. SI Group also retains the Industrial Resin businesses in the U.S. and China.
Raghupati Singhania, Chairman and Managing Director, JK Tyre, said, “The rising inputs costs have impacted operating margins. This could be partially mitigated through enhanced volumes and selective price increase.” But, he did not divulge when the price increase would happen.
According to SP Singh, Convenor, All India Tyre Dealers Federation, tyre dealers are not happy with the manufacturers because they are making lesser margins in the aftermarket.
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, and pharmaceutical industries. SI Group’s global manufacturing footprint includes 21 facilities on four continents, serving customers in 90 countries with approximately 2,300 employees worldwide. In 2021, SI Group received a gold award for corporate social responsibility by EcoVadis and is ranked among the top five percent of more than 50,000 worldwide companies. SI Group innovates and drives change to create value with a passion for safety, chemistry, and extraordinary results. Learn more at www.siigroup.com
Reference: Business Line