Syrgis Divests H&S Chemical Company
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CINCINNATI - (Aug. 18, 2009) - In a move that creates great value in the marketplace and builds value for stakeholders, Syrgis Performance Products ("Syrgis"), an international diversified group of fine and specialty chemical manufacturers, today announced the sale of H&S Chemical Company, Inc. ("H&S") to Iofina Chemical LLC ("Iofina").
Value creation and strategic fit:
o Syrgis realizes target valuation for H&S Chemical Company;
o Allows Syrgis additional resources to grow other companies (Lycus Ltd., P Chem Inc., and Syrgis Performance Initiators); and
o Provides Iofina with a strategic platform with complete vertical integration and broad manufacturing capabilities with iodine derivatives, creating great value for Iofina, H&S and customers using iodine derivatives.
Andy Harris, Syrgis CEO, commented, "We are very pleased Iofina saw the great value and growth potential that we have worked hard to develop with H&S's technology and manufacturing capabilities. The sale of H&S was an attractive strategic opportunity for Syrgis, and a win-win deal for both parties. H&S's/Iofina's growth opportunities are strengthened by the backward integration into iodine supply that Iofina provides. For Syrgis, we are able to sharpen our focus to grow our core businesses: Lycus, P Chem and Syrgis Performance Initiators."
About Syrgis
Syrgis is an international diversified group of fine and specialty chemical manufacturers. Headquartered in Cincinnati, OH, Syrgis is a suite of companies that includes Lycus, Ltd., P Chem, Inc. and Syrgis Performance Initiators, Inc. - all worldwide leaders in their respective niche markets today. Syrgis companies deliver high quality products that meet the exacting standards of leading chemical solution providers in the automotive, building materials, composites, cosmetic, mining, oil and gas, paints and coatings, personal care, plastics, renewable energy, transportation and water treatment industries. With strong backing from Cleveland, Ohio-based Edgewater Capital Partners, Syrgis is dedicated to delivering the high-performance products its customers need, supported by exceptional customer service and technical application expertise. To learn more, please visit www.syrgis.com.
Jan Sisko
Kaiser Marketing Group
850 Doe Hill Lane
Roswell, GA 30075
Direct: (678) 461-7438
Fax: (770) 643-9476
Cell: (678) 591-2022
Concurrent with this sale, Syrgis has relocated its corporate offices to:
4555 Lake Forest Drive, Suite 650
Cincinnati, Ohio 45242
Telephone: (513) 563-3044
Fax: (513) 563-3099
