PARIS: Safic-Alcan, a specialty chemicals distributor, has acquired a majority stake in ChemSpec Ltd., a Uniontown, Ohio-based chemical and polymer distributor that serves the rubber, adhesives and sealants markets.
According to a news release, Safic-Alcan has acquired 75 percent of ChemSpec.
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,” Martial Lecat, CEO of Safic-Alcan, said in the news release.
Dave Moreland, who founded ChemSpec in 2003, will remain as president and minority shareholder,
We are extremely pleased with Safic-Alcan’s keen interest in ChemSpec Ltd. and their vision for the North American market,” Moreland said in a statement. “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.”
According to the news release, ChemSpec has 190 customers, and its revenue forecast for 2015 is expected to exceed $41 million, an increase from $36 million in 2014.
Lecat said ChemSpec will be used to support the development of cosmetics activity in North America, due to be launched shortly, and its product range soon will include coatings, plastics and active ingredients for pharmacy.
Safic-Alcan, a French multinational distributor of specialty chemicals headquartered in Paris, provides a large range of polymers, materials and additives for the rubber, coatings, pharmaceuticals and cosmetics industries. It posted revenues of nearly $445 million in 2014.
