Hilden, July 10, 2019: ASK Chemicals, one of the world’s leading suppliers of foundry chemicals, today announces that they have entered into a definitive agreement to purchase the industrial resin business from SI Group (New York, USA). With this acquisition, ASK Chemicals is reinforcing its position in the foundry market and at the same time strengthening its non-foundry business.
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.
SI Group’s industrial resin business serves a wide range of markets and applications such as foundry, friction, abrasives, refractory, paper impregnation, insulation and composites.
“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.” states Frank Coenen, Chief Executive Officer of ASK Chemicals. “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.”