HILDEN, Germany – ASK Chemicals announced that the company has entered into a definitive agreement to purchase SI Group’s Industrial Resins business. With this acquisition, ASK Chemicals reinforces its position in the foundry market and at the same time strengthens its non-foundry business. The transaction is expected to close later this year.
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. ASK Chemicals, headquartered in Hilden, Germany, is a market leader in the foundry materials sector and 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 the rubber and adhesives business, oilfields and surfactants, as well as foundry products in Brazil, and will operate tolling agreements with ASK Chemicals. The company will also retain the Industrial Resins businesses in the United States and China.
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.