SI Group to Take Albemarle Antioxidant Business
In a deal set to close later this year, Schenectady, New York-based SI Group, a leading producer of phenolic resins, alkylphenolic resins and akylkated phenols, plans to acquire the antioxidant, ibuprofen and propofol activities of U.S. specialty chemicals producer Albemarle. No purchase price has been announced.
Along with manufacturing sites at Orangeburg, South Carolina, and Shanghai, China, the buy includes technical support services in Baton Rouge, Louisiana.
According to Albemarle, the businesses to be divested employ 500 people had sales of around $240 million in 2013, with low-single-digit segment margins.
The ibuprofen and propofol activities belong to Albemarle's fine chemistry service businesses with annual sales of $290 million.
For the SI Group, which employs 2,200 people, the deal is its biggest ever.