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Sunday, 22 September 2019
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Markets & companies, Raw materials market

Safic-Alcan strengthens position with acquisition of ChemSpec

Thursday, 6 August 2015

Safic-Alcan acquires majority stakes in ChemSpec, Ltd., a US distributor focused on rubber and adhesives business, based in Akron (Ohio, USA).

The transaction is in line with the strategic vision of Safic-Alcan to expand geographically in North America. Source: Thommy Weiss/pixelio.de

The transaction is in line with the strategic vision of Safic-Alcan to expand geographically in North America. Source: Thommy Weiss/pixelio.de

This acquisition allows Safic-Alcan to control 75% of ChemSpec, Ltd. "This transaction is in line with the strategic vision of the Group to expand geographically in North America while developing business on its own without any restriction”, stated Martial Lecat, CEO of Safic-Alcan.

Same core values

ChemSpec, Ltd. was founded in 2003 by Dave Moreland. As President and minority shareholder, Mr Moreland will remain in place in the future organisation. "We are extremely pleased with Safic-Alcan’s keen interest in ChemSpec, Ltd. and their vision for the North American market. The growth of ChemSpec, Ltd. is the result of our excellent supply base of quality manufacturers and service providers; partnerships with our many customers; and our dedicated employees. ChemSpec, Ltd. and Safic-Alcan hold the same core values in developing business relationships which will continue to serve us extremely well moving forward," said Dave Moreland.

Extensions to coatings are being planned

ChemSpec, Ltd. has a portfolio of 190 active customers. Revenue forecast for 2015 is expected to exceed US$ 41million up from US$ 36 million last year. This further acceleration is based on the continuing development of new products, the lasting relationship with big customers in the USA and the decision of Safic-Alcan to fully use the sourcing capacity of its subsidiaries in China. "ChemSpec, Ltd. will be used to support the development of cosmetics activity in North America due to be launched shortly. Extension of product range to coatings, plastics and active ingredients for pharmacy will also be planified at a later stage”, concluded Martial Lecat.

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