SI Group to Acquire Antioxidants, Ibuprofen and Propofol Businesses from Albemarle
SCHENECTADY, N.Y., April 16, 2014 /PRNewswire/ -- SI Group, Inc. announced today that it has signed a deal to acquire the Antioxidants, Ibuprofen, and related businesses and assets from Albemarle Corporation (NYSE: ALB). The transaction includes manufacturing sites in Orangeburg, South Carolina, United States and Jinshan, China. This deal expands SI Group's antioxidants business and will position the company as one of the top three global suppliers of Ibuprofen.
"It's the largest deal in SI Group's history," said Frank Bozich, SI Group President & CEO. "This acquisition is a natural fit to our expansion strategy, transforming SI Group into a solutions leader in the global antioxidant and pharmaceutical active ingredients markets."
The acquisition will include Albemarle's antioxidant product lines, as well as the FDA-regulated Ibuprofen and Propofol businesses. In addition, applications and technical support capabilities in Shanghai and Baton Rouge, Louisiana, United States will be included in the transaction.
"This acquisition is a major step in SI Group's strategy of expanding into complementary, faster growing markets while at the same time continuously improving our core business through business excellence," said Stephen Haller, Senior Vice President of Strategy and New Business Development.
Subject to the required regulatory approvals, this acquisition is expected to be completed later this year. Additional information about SI Group may be found at www.siigroup.com.
About SI Group
SI Group is a leading global developer and manufacturer of chemical intermediates, specialty resins, and solutions. Founded in 1906 and headquartered in Schenectady, New York, SI Group is a family-owned company with facilities in 10 countries. For more information about SI Group, visit www.siigroup.com.
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SI Group, Inc.
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SOURCE SI Group, Inc.