Transaction to India Company Includes Navi Mumbai Site Assets
SCHENECTADY, N.Y., April 28, 2022 /PRNewswire/ — SI Group, a leading performance additives company, announced today the closing of the agreement to sell its Navi Mumbai, India manufacturing site and associated assets to India-based Ion Chemicals, a Grammercy Trade Industrial Limited Company. The transaction includes the transfer of ownership, including most employees, to safely sustain manufacturing operations.
“While we are transitioning ownership of the Navi Mumbai site to Ion Chemicals, SI Group remains invested in the India market,” commented David Bradley, President and CEO of SI Group, adding “This is a strategic growth region for our plastics, rubber and adhesives and industrial solutions, and we look forward to the investments we are making and continuing to support all customers.”
Ion Chemicals will begin operating the site effective immediately. “We’re thrilled to add the Navi Mumbai manufacturing facility and transitioning employees to our organization. The site’s history of talent and capabilities will add value to Ion Chemicals. The team is eager to welcome our new employees and we look forward to continued success together, said Ion Chemicals CEO, Ashok Pol.
SI Group owns and operates two manufacturing sites in India, including Lote and Rasal, and will retain employees in Navi Mumbai with commercial responsibilities to support continued business needs throughout the region.
About SI Group
SI Group is a global leader in the innovative technology of performance additives, process solutions, active pharmaceutical ingredients, and chemical intermediates. SI Group solutions are essential to enhancing the quality and performance of countless industrial and consumer goods within the plastics, rubber & adhesives, fuels & lubricants, oilfield, and pharmaceutical industries. SI Group’s global manufacturing footprint includes 20 facilities on three continents, serving customers in 80 countries with 2,000 employees worldwide. In 2021, SI Group received a gold award for corporate social responsibility by EcoVadis and is ranked among the top five percent of more than 50,000 worldwide companies. SI Group innovates and drives change to create value with a passion for safety, chemistry, sustainability, and extraordinary results. Learn more at www.siigroup.com.
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