- December 31, 2012
SANFORD, NC | The management of Saiden Technologies has acquired 100% of the company’s stock from its parent company, Saiden Chemical of Japan.
The company, which has been renamed STI Polymer, is a maker of acrylic emulsion polymers. It will continue to operate its plant in Sanford and will be led by its current management team, which has been in place since the plant opened in 2001. The acquisition includes full rights to the company’s existing product portfolio and a technical support agreement under which STI Polymer will maintain access to Saiden Chemical’s deep R&D resources.
“We believe that local ownership will allow us to serve our North American customers with greater focus, compared to operating as a non-strategic asset of Saiden Chemical,” says Jeff Lamb, who continues in his role as company president. “We are very pleased that we will be able to maintain our excellent workforce and state-of-the-art facility, and we look forward to continuing to serve our loyal customers with the products and services they have come to expect.”
The financing of the acquisition provides STI Polymer with ample liquidity to support its plans for rapid growth, Lamb adds. “We are excited that our new freedom of action will open up the prospect of growing into new products and markets.”