Songwon acquires division of SeQuent Scientific Ltd

SONGWON Industrial Group and SeQuent Scientific Limited have signed an agreement in which Songwon will acquire SeQuent's specialty chemicals business. The acquisition includes SeQuent's entire polymer stabiliser business and one production site in Panoli, Gujarat, together with the local R&D team. The parties expect the transaction to be closed in Q3, 2014, subject to few customary closing conditions.

Jongho Park, Chairman, CEO and Head of the Songwon Industrial Group Executive Committee, said the acquisition is another milestone in Songwon’s commitment to be a reliable partner to the polymer industry, strengthening its position as a leading supplier of polymer stabilisers in one of the fastest growing polymer markets.

The local manufacturing presence will support Songwon’s ambition to build a leading position in India as it serves the specific needs of the Indian market. The production site in Panoli gives Songwon access to a state of the art manufacturing facility to produce high value-added polymer stabilisers such as SONGNOX PEPQ and other specialty chemicals.

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.