Vertellus Performance Materials Inc., an affiliate of Indianapolis-based Vertellus Specialties Inc., a leading specialty chemicals company, has announced the acquisition of certain assets of Degen Oil & Chemical Company, effective July 1, 2009.
Vertellus has a targeted focus in the coatings, inks, adhesive and sealants markets and is a recognized leading producer and innovator of blown oils and castor oil-based specialty derivatives for coatings and inks applications. Degen, located in Jersey City, NJ, has been a leader in blown vegetable oils and fish oils, derivatives and specialty alkyds for the coatings and inks industries for more than 50 years.
“This acquisition supports Vertellus’ strategy of strengthening and further enhancing its value creation in core markets,” said Jeremy Steinfink, president of Vertellus Specialty Materials. “The Degen product line and customer base complements Vertellus’ existing business and presents opportunities for the leveraging of extensive technical applications and manufacturing capability within Vertellus. This acquisition will consolidate Vertellus’ existing position and expand growth opportunities for its evolving market-driven technology offerings in bio-based chemistries.”
The acquired Degen assets will be integrated into existing Vertellus facilities in Bayonne, NJ and Greensboro, NC.