Ingenia Polymers and IKA Group have agreed in principle to the terms under which they will form a new venture to supply stabilisers into the US PVC sector.
E&R Media GbR / Uli Engers
20.10.22 Düsseldorf Messe K IKA goes USA Foto : E&R Media GbR / Uli Engers Telefon : 0049 172 783 5502
The new venture will be a 50/50 partnership between Ingenia and IKA and will be located in the Greater Houston Metropolitan Area, Texas, USA.
The business of the venture will be the product development, production, trade and commercialisation of stabilisers and other additives for the PVC industry in North America.
In addition to each partners’ respective capital contribution, Ingenia and IKA have further agreed in principle to facilitate the development of the Corporation, especially in the first years of its operations.
Ingenia will facilitate operation and development of the Corporation and IKA will facilitate with technical service and marketing as well as with production and formulation technology.
“After forming IKA Group in 2020 via a Management Buy In, this important investment marks the next milestone for our ambitious international growth strategy“, Alexander Hofer, CEO of IKA said.
“With Ingenia, we are getting the most competent and capable partner to realise our plans and to continue with our technology leadership” said Dr. Timo Seibel, CTO of IKA.
Tony Butt, currently Senior Vice President at IKA Group, will serve as President and Chief Executive of the new venture. He said: “The teaming up of Ingenia and IKA is a perfect combination as both groups enrich each other and will allow broad synergies. IKA has new product ranges ready for the demanding North American Market including solutions for tin replacement”.
“The Joint Venture will also be an important step towards a diversification in the portfolio of Ingenia”, Thanassi Lefas, President of Ingenia added.
The agreements are expected to be signed and the deal closed well before year end 2022, with operations beginning in Q1 of 2023.