HCS Group to Sell Oxo Business to Aeicon
HCS Group, a Germany-based global manufacturer of hydrocarbon and chemical specialty products, signed a definitive agreement to sell its US Oxo-product business to Aeicon, an investment firm based in Houston, TX, USA. The transaction includes the manufacturing site of HC Manvel in Manvel, TX, and is expected to close in Q3 2020. Financial details were not disclosed.
Henrik Krüpper, CEO of HCS Group, said: “The divestment of the local Oxo-product business helps us to entirely focus on our growing business segments in the US. Haltermann Carless’ global Pentanes, Special Aromatics, Performance Solvents and Performance Fuels activities only had very limited synergies with the Oxo business. I believe it will benefit strongly from a stand-alone future.”
“We were looking for a buyer who values the existing Oxo-product business and shows strong interest for further development of the site and its assets” added Daniel Haamann, US country manager HCS Group. “With Aeicon, we feel confident to have found the right partner and this transaction will be crucial for the successful future of the Manvel plant.”
A spokesman for Aeicon stated that the company “plans to continue operation of the existing plant in Manvel while developing other, complimentary processing and re-cycling operations on land included with the acquisition. Richard Heien, managing director, will lead the development effort of a new company organized specifically to complete the acquisition and commence commercial activities going forward.”
HC Manvel has been part of HCS Group since 2015. The Oxo-product business was established as Shu-Chem Holdings in 1983. The product portfolio includes alcohols and esters, mainly as solvents for different applications in the pharmaceutical and printing ink industry. The business employs 30 people at its Manvel location and serves customers mainly within the continental US and Mexico.