One of Elastochem's key suppliers, announces to the US Sharemarket their aggressive expansion plans in AsiaPacific while also realigning some current investments.
A. Schulman is actively seeking acquisition targets to expand their presence in the Colour Masterbatch industry in Asia Pacific, with several purchases to be announced soon.
This aligns with Elastochem's growth into the NZ Masterbatch industry. Elastochem's current product offering of White, Black and Additives will soon be supplemented by a range of key colours.
Additionally, A. Schulman announced that it intends to sell its rotational compounding business in Brisbane, Australia.
A.Schulman has announced that they will begin the process of finding a buyer for the Australian Roto powder manufacturing business. This involves engaging a broker to handle the sale of the business and following a process with the aim to complete the transaction within 12 months. At this point the broker has not been appointed. The aim is to sell the business as a going concern. The business is profitable, but it does not meet the growth KPI's set for the company.
Day to day business does not change. ICO are still trading, the lines are still running and our sales team is hungry to service your powder requirements in the usual professional manner.
In terms of the NZ Roto Industry, Elastochem will seek to work with any new owner of ICO Polymers to continue to represent their products here in NZ.
Once again thanks for your continued support as Elastochem grows our product portfolio and continue to offer TRUSTED TECHNOLOGIES WITH VALUE.