ASK Chemicals Group completes acquisition of the industrial resin business from SI Group

ASK Chemicals Group has completed the acquisition of the industrial resins business from SI Group (New York, USA). With this transaction, ASK Chemicals Group, headquartered in Hilden near Düsseldorf (Germany), is strengthening its position as a global supplier of high-performance industrial resins.

ASK Chemicals has purchased SI Group’s industrial resins business and associated manufacturing sites in Rio Claro (Brazil), Ranjangaon (India) and Johannesburg (South Africa), as well as licensed technology and concluded multiple tolling agreements worldwide.

With this acquisition ASK Chemicals is reinforcing its position in the foundry market and at the same time taking a first and substantial step in building a phenolic industrial resins business, an attractive market with promising growth opportunities.

The foundry related business will be integrated into ASK Chemicals’ foundry division, which is one of the world’s largest and most innovative suppliers of foundry chemicals and consumables. In Brazil, the acquisition does not include any foundry business.

The remainder, and largest part of the business being acquired, serves a wide range of attractive and growing markets and applications such as friction, abrasives, refractory, paper impregnation, insulation and composites.

Both SI Group and ASK Chemicals Group are committed to ensuring that the transition of the business will be seamless. Customers can continue to expect the usual product and service quality in the future.

“We are very pleased to join forces in the field of high-performance resins and to enter into new markets for ASK Chemicals Group,” said Frank Coenen, Chief Executive Officer of ASK Chemicals Group. “We are impressed by the competences of our new colleagues. They will strengthen even more the company’s talent base.”

ASK Chemicals Group, headquartered in Hilden near Düsseldorf (Germany), is a global supplier of high-performance industrial resins and materials. The company’s products are mainly used in foundries and in the production of abrasives, refractories, impregnation, coatings, insulation and composite materials.

The Foundry division offers an exceptionally wide and innovative range of foundry consumables including binders, coatings, risers, filters, release agents as well as metallurgical products such as inoculants, inoculation wires and master alloys for iron casting.

The Industrial Resins division is a leader in the field of specialty phenolic resins. The phenolic resins are used in the areas of fire protection, energy consumption, service lifetime, health and safety at work.

The company has a production and sales network in 22 countries and employs approximately 2 000 people worldwide. ASK Chemicals Group sees itself as a driving force of industry-specific innovations with research centres and laboratories in Europe, Asia, America and Africa.

Announces new Chief Executive Officer
ASK Chemicals Group has also announced that Frank Coenen has decided to retire from his role as CEO. He will be succeeded by Frank Goede, an experienced business leader who is currently the CEO of Tokai Cobex GmbH, a global materials science company active in the manufacturing of carbon and graphite products. Mr. Goede will take over as CEO of ASK Chemicals Group on February 1, 2022.

Mr. Coenen has led ASK Chemicals Group since it was acquired by global private equity firm Rhône in July 2014. In addition to serving as CEO of Tokai Cobex GmbH Mr. Goede has previously held senior positions with Riedhammer and SGL Carbon GmbH. Mr. Goede holds an engineering degree and was born and raised in Brazil. He has worked and lived in multiple countries before having his home base in Germany.

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