ASK Chemicals, one of the world's leading suppliers of foundry chemicals, today announced that a binding agreement has been reached to acquire the industrial resin business of SI Group (New York, USA). With this acquisition, ASK Chemicals will strengthen its position in the foundry market while further developing its business outside the foundry market.
ASK Chemicals and SI Group have sold the industrial resin business of SI Group and its associated production facilities in Rio Claro (Brazil), Ranjangaon (India) and Johannesburg and Durban (South Africa), licensed technologies and various contract manufacturing agreements. The transaction is expected to close later this year.
The SI Group's industrial resinbusiness serves a wide range of markets and applications, such as foundry, abrasives and abrasives, refractory materials, paper impregnation, insulation and composites.
"This acquisition is an important step in our growth strategy. It significantly strengthens our position in the foundry business by expanding our market position in growth markets," says Frank Coenen, Chief Executive Officer of ASK Chemicals. "At the same time, it enables us to enter the phenolic resins business for non-foundry applications, an attractive market with promising growth opportunities."