Performance additives company, SI Group, has reached an agreement with ASK Chemicals to sell the majority of its global Industrial Resins business.
SI Group announced plans to sell to ASK Chemicals, a portfolio company of private equity firm, Rhône Group, LLC, its Industrial Resins business. The transaction includes products, associated manufacturing sites in Rio Claro, Brazil; Ranjangaon, India; and Johannesburg, South Africa, as well as licensed technology and multiple tolling agreements globally.
Headquartered in Hilden, Germany, ASK Chemicals 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.