Vertellus Specialties Announces Joint Venture in India with Vapi Products Industries
INDIANAPOLIS, Jan. 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 not disclosed.
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 ingredients."
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: 317-248-6517
Website: www.vertellus.com
SOURCE Vertellus Specialties
Web Site: www.vertellus.com
