24 Apr 2014
Songwon Industrial Group acquires the Specialty Chemicals Division of SeQuent Scientific Limited
Songwon Industrial Group, Korea and SeQuent Scientific Limited, India - April 24, 2014 - Songwon Industrial Group and SeQuent Scientific Limited have signed an agreement whereby Songwon will acquire SeQuent's specialty chemicals business. The acquisition includes SeQuent's entire polymer stabilizer business and one production site in Panoli, Gujarat, together with the local R&D team. The parties expect the transaction to be closed in Q3, 2014, subject to few customary closing conditions.
Financial details of the transactions were not disclosed.
Jongho Park, Chairman, CEO and Head of the Songwon Industrial Group Executive Committee, commented: “This acquisition is another milestone in Songwon’s commitment to be a reliable partner to the polymer industry, strengthening our position as a leading supplier of polymer stabilizers in one of the fastest growing polymer markets. The local manufacturing presence will support Songwon’s ambition to build a leading position in India while serving the specific needs of the Indian market. The production site in Panoli gives Songwon access to a state of the art manufacturing facility to produce high value-added polymer stabilizers such as SONGNOX® PEPQ and other specialty chemicals. Songwon is committed to invest in Panoli to develop the full potential of the site as part of its global manufacturing footprint. Besides serving the domestic market Songwon will also export these products to its global customer base. Next to the production assets Songwon is also excited to leverage the extensive experience and high level of competence of the local R&D team.”
Manish Gupta, CEO of SeQuent Scientific Limited, commented: “This is a major step towards steering SeQuent to a path of creating value for its various stake-holders. The speciality chemicals business while profitable, had become non-core in SeQuent’s stated vision to become a leading player in global veterinary business. The proceeds will be utilized to pare down debt and also provide growth capital in expanding the strategic intent of SeQuent.”
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Songwon Industrial Co., Ltd.
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Notes for editors
About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is a leading producer and seller of SONGNOX® Antioxidants, SONGNOX® One Pack Systems, SABO®STAB Hindered Amine Light Stabilizers, SONGSORB® Ultraviolet Light Absorbers, SONGXTEND™ Stabilizer Solutions, SONGSTAB™ Acid Scavengers, SONGSTAB™ PVC Stabilizers, SONGCAT™ Tin Intermediates, SONGCIZER™ Plasticizers for the plastics industry, as well as lubricants, surface coating agents, polyurethane, alkyl phenols, flocculants and other chemicals. The Songwon Group of Companies includes Songwon Industrial Co., Ltd., Songwon Holdings AG, Songwon International AG, Songwon International – Japan K.K., Songwon China Ltd., Songwon Industrial Co. Ltd. Representative Office Bahrain, Songwon Additive Technologies AG, Songwon Additive Technologies-Americas Inc., Songwon ATG GmbH, Songwon International – Americas Inc., Songwon International – India Pvt. Ltd., Songwon Trading Co. Ltd, Songwon Chemicals Co. Ltd. and Songwon Baifu Chemicals (Tangshan) Co., Ltd., Songwon Additive Technologies - Middle East FZE, Polysys Additive Technologies – Middle East LLC and Chemservice Asia Co. Ltd.
SONGNOX and SONGSORB are registered trade marks of Songwon Industrial Co., Ltd.
SONGCAT, SONGCIZER, SONGSTAB and SONGXTEND are trade marks of
Songwon Industrial Co., Ltd.
SABOSTAB is a registered trade mark of Sabo S.p.A.
Salient in Additives
Salient from the Latin Verb ‘salire’ to leap or leaping. As an adjective, meaning the most noticeable, prominent or important. Salient Songwon, leaping ahead in the world of Polymers; a prominent global supplier of chemical additives.
About Sequent Scientific Limited.
SeQuent Scientific Limited, listed on the Bombay Stock Exchange Limited (stock code: 512529) is an integrated pharmaceutical company with a global footprint headquartered in Bangalore, India which has presence in different pharmaceutical verticals including APIs, Animal Health, Analytical Services, CRAMS and specialty chemicals. SeQuent is the world's largest producer of Anthelmintics.
Please visit www.sequent.in for additional information.
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