SI Group Completes Acquisition of Albemarle Antioxidants, Ibuprofen and Propofol Businesses
SCHENECTADY, New York, Sept. 2, 2014 /PRNewswire/ -- SI Group, Inc. has announced that it has completed the previously announced acquisition of the Antioxidants, Ibuprofen, Propofol, and related businesses of Albemarle Corporation (NYSE: ALB). Through this acquisition, the company expands its global footprint with new manufacturing sites in Orangeburg, South Carolina, United States and Jinshan, China.
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"Our growth strategy is tied to solving global challenges," said Frank Bozich, SI Group President & CEO. "This acquisition, strongly aligned with our core alkylphenol capabilities, enhances our global supply network and expertise in the antioxidant and active pharmaceutical ingredients markets."
The acquisition includes proprietary technology and patents in ETHANOX®, ETHAPHOS™, and ALBlend® 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 are included in the transaction.
Stephen Haller, Senior Vice President Strategy and New Business Development said, "We welcome our new colleagues, customers, suppliers, and business partners with open arms. We are committed to the successful integration and transition of this business; it's a vital component of our growth agenda."
The closing announcement comes following receipt of the necessary regulatory approvals. 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 11 countries. For more information about SI Group, visit www.siigroup.com.
Contact:
Brooke Manrique
Director, Communications
SI Group, Inc.
+ 1 518-347-4112
[email protected]
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