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Songwon Industrial Group of South Korea has signed a deal with SeQuent Scientific Limited, India to acquire SeQuent's specialty chemicals business.
The acquisition includes SeQuent's entire polymer stabilizer business and one production site in Panoli, Gujarat, India, together with the local R&D team. The transaction is expected to be finalized in the third quarter of 2014.
“Songwon is committed to invest in Panoli to develop the full potential of the site as part of its global manufacturing footprint. Besides serving the domestic market Songwon will also export these products to its global customer base,” said Jongho Park, chairman, CEO and head of the Songwon Industrial Group Executive Committee.
Songwon employs over 660 people and reported a turnover of $655 million in 2013.