Effective immediately, the Plastic Additives, Benzoic Acid & Derivatives Business of Velsicol Chemical Corp. will be known as Genovique Specialties Corp.
“The Plastic Additives, Benzoic Acid and Derivatives business has historically provided the market with environmentally friendly alternatives to traditional chemistries,” said Ross H. McMillan, CEO of Genovique Specialties Corp. “We want to emphasize our focus on this part of business and its growing portfolio of applications-oriented products. The re-branding of the business as Genovique Specialties is the final stage of the culture shift that started three years ago when Velsicol was acquired by Arsenal Capital Partners. We initiated a vision to create a high-growth, global, applications-focused specialty chemicals company.”
During the past three years, the company has made a number of strategic moves to make this vision a reality. It closed its Chattanooga, TN, facility, shifting production to its Maryland and European plants to better meet the geographic demands of the markets and achieve the optimal manufacturing footprint. A joint venture was established in Wuhan, China, to serve the growing demand for their products in Asia. The research, sales and marketing teams were strengthened by the addition of experienced personnel with expertise in the specific market sectors on which Genovique will focus. As a result of these efforts, the company has launched eight new products and has applied for 11 patents in the past two years.
Genovique Specialties will remain in its corporate headquarters in Rosemont, IL, and contact information will remain the same. Its new website is located atwww.genovique.com.
VELSICOL CHEMICAL BUSINESS RE-BRANDED AS GENOVIQUE SPECIALTIES CORP.
October 2, 2008