Azelis Announces Sale of its Composites Business
On October 1st, Azelis announced the sale of its international Composites business to Velox who has acquired this business in its entirety. As a result, Velox will take over and manage the Composites business and its employees, effective October 1st, 2012.
As part of the company's natural progression and clear focus on value added growth within specialities, a strategic review was undertaken by the Azelis board and the Composites market was judged to be sub-critical to the company's plans for future development. Within the markets it serves, industrial chemicals, coatings, rubber & plastic and Life Sciences have been identified as primary value added growth areas within Europe. Further expansion within Asia Pacific is also another key pillar using a speciality chemicals business model.