Korean firm Songwon Industrial Group takes over India-based SeQuent Scientific Limited’s specialty chemicals business as designated by an agreement that was signed by the two firms.. The acquisition includes thSeQuent'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 third quarter of this year, subject to few customary closing conditions.

Financial details of the transactions were not disclosed.

Jongho Park, Chairman, CEO and Head of the Songwon Industrial Group Executive Committee, commented that said acquisition will enable the Ulsan-headquartered company to build a leading position in India while serving 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 investing 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. Next to the production assets Songwon is also leveraging on the extensive experience and high level of competence of the local R&D team.

Manish Gupta, CEO of SeQuent Scientific Limited, explains that the speciality chemicals business while profitable, had become non-core in SeQuent’s stated vision to become a leading player in global veterinary business. The proceeds from the acquisition will be utilised to pare down debt and also provide growth capital in expanding the strategic intent of SeQuent.