Paris – Speciality chemicals distributor Safic-Alcan has acquired a majority holding in ChemSpec Ltd, an Akron, Ohio -based distributor of products for the rubber and adhesives indusstries.
This move gives Safic-Alcan 75-percent control of ChemSpec and is in line with group strategy “to expand geographically in North America while developing business on its own without any restriction”, saId Martial Lecat, CEO of Safic-Alcan.
ChemSpec, was founded in 2003 by Dave Moreland, who will remain in place as president and minority shareholder 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,” said Moreland. “ChemSpec, Ltd. and Safic-Alcan hold the same core values in developing business relationships which will continue to serve us extremely well moving forward.
ChemSpec, Ltd. has a portfolio of 190 active customers, noted Safic-Alcan release. Revenue forecast for 2015 is expected to exceed US$ 41million up from $ 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,” it said.
“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 Lecat.