Vertellus Specialties Announces Joint Venture in India With Vapi Products IndustriesBy Vertellus Specialties, PRNE
Monday, January 17, 2011
INDIANAPOLIS, January 18, 2011 - Vertellus Specialties ("Vertellus" or "the Company") and Vapi Products
Industries Pvt. Ltd. have formed a joint venture in India that will
manufacture and distribute specialty chemicals globally. The joint venture
company is "Vapi Products Pvt. Ltd." and is proposed to be renamed Vertellus
Specialty Materials (India) Pvt. Ltd. Financial terms of the agreement were
Vertellus Specialties is the majority partner and will operate the
venture's manufacturing facility in India. "This strategic joint venture will
enable us to maintain our market growth and meet increasing customer demands
for sulfone monomers and derivatives alongside other key products," said Rich
Preziotti, President and CEO of Vertellus Specialties. "This joint venture is
a great fit for Vertellus and is a logical next step in our aggressive global
acquisition strategy. By combining the assets and production capacity of Vapi
Products Industries with the market reach and technology of Vertellus
Specialties, we are confident of a smooth and rapid integration process."
"India is an important market for Vertellus," continued Preziotti. "This
move will provide a catalyst for growth in India across the Company and we
look forward to serving local customers as we expand our presence in multiple
application fields including pyridine chemistry and pharmaceutical
Establishing a physical presence in India is the first step in enabling
Vertellus to work more closely with its existing customers in this important
growth market for pharmaceutical intermediates and many other products. This
will position the Company to leverage its global asset base to be a better
development and supply partner to local companies.
Sulfones monomers and derivatives are important intermediates for the
production of polysulfone and polyethersulfone high-performance polymers.
Vertellus manufactures sulfone monomers and derivatives at its facility
in Seal Sands UK and will continue to do so after the transaction. This
expansion in capacity will consolidate Vertellus' existing position as a
leading supplier of sulfone monomers and derivatives and enable it to provide
customers with a combination of quality, capacity and security of supply that
makes Vertellus an ideal partner for future growth.
About Vertellus Specialties Inc.
Vertellus is a specialty chemicals company focused on the manufacture of
ingredients used in pharmaceuticals, personal care, nutrition, and
agriculture markets. Vertellus is the world's largest producer of pyridine
and picolines, specialty pyridine derivatives, DEET, castor oil derivatives
and systems, and the world's second largest producer of Vitamin B-3 and
citrate polymer additives and systems. Vertellus benefits from a technically
advanced global manufacturing base, has approximately 700 employees
worldwide, and is headquartered in Indianapolis, Indiana. For more
information, visit www.vertellus.com.
Contact: Scott Smith Tel: +1-317-248-6517 Website: www.vertellus.com
Scott Smith, +1-317-248-6517
Tags: India, Indiana, Indianapolis, January 18, Vertellus Specialties