HCS sells oxo business
German-based global manufacturer of hydrocarbon and chemical speciality chemicals HCS Group has signed a definitive agreement to sell its US oxo-product business to Aeicon, an investment firm based in Houston on undisclosed terms. This includes the HC Manvel site in Texas, which it had owned since 2015.
CEO Henrik Krüpper said that the divestment “helps us to entirely focus on our growing business segments in the US”. Haltermann Carless’s global pentanes, special aromatics, performance solvents and performance fuels activities, he added, “had only had very limited synergies with the oxo business”. The deal is expected to close in Q3.
Aeicon said that it plans to continue operating the Manvel site, which employs 30 and makes alcohols and esters, mainly as solvents, for applications in the pharmaceutical and printing ink industries. It will also seek to develop “other, complimentary processing and recycling operations on land included with the acquisition”. Richard Heien has been named managing director.