Company plans to cease manufacturing operations in second half of 2025 due to declining market conditions
THE WOODLANDS, Texas, Sept. 25, 2024 /PRNewswire/ -- SI Group, a leading global developer and manufacturer of performance additives, process solutions, pharmaceuticals and chemical intermediates, announced it plans to close its alkylphenol manufacturing facility located on Jurong Island in Singapore in the second half of 2025. SI Group will continue supplying alkylphenols from its market-leading global footprint with supply points in both Europe and the Americas.
SI Group opened its alkylphenol manufacturing plant on Jurong Island in 2006 to provide alkylphenols to Asia Pacific consumers and for production of SI Group antioxidant products. Yet, due to the substantial changes in the antioxidant value chain in the region in recent years, paired with high costs in Singapore, the company will cease production there next year. "SI Group's manufacturing facility in Singapore has been a valuable asset for our past growth and global presence," said Joey Gullion, SVP & Chief Commercial Officer at SI Group. "However, the current supply-demand balances in Asia and the cost to manufacture in the region, make this a necessary move to ensure the long-term sustainability of our global business."
As a global leader in performance additives, SI Group remains committed to being a value-added solutions provider to customers worldwide, including those in Asia Pacific. With alkylphenol manufacturing facilities in Europe and the Americas, SI Group will maintain its alkylphenol market leadership and uphold its customer and technical service support levels.
"We've shifted our strategy in Asia Pacific to better serve our customers' needs. The region is important to our business, and we believe this new approach will help us balance the market dynamics with our cost position," said David Bradley, President & CEO of SI Group. "Our recent partnership with Dingjide, along with the difficult but essential decision to close our Singapore site, underscores our commitment to serving our customers-we are now better equipped and excited to support our customers' growth, both now and in the future."
SI Group's Singapore manufacturing facility is expected to cease manufacturing operations in the second half of 2025. The company will provide support and assistance to all employees impacted by the plant closure.
About SI Group
SI Group is a global leader in the innovative technology of performance additives, process solutions, and chemical intermediates. SI Group's solutions enhance the quality and performance of industrial and consumer goods in the plastics, rubber & adhesives, fuels & lubricants, oilfield, and pharmaceutical industries. Headquartered in The Woodlands, Texas, USA, SI Group operates 19 manufacturing facilities across three continents, serving customers in 80 countries with the support of approximately 1,800 employees worldwide. In 2023, SI Group published its inaugural ESG report, showcasing its commitment to continuous improvement and sustainability. SI Group innovates and drives change to create value with a passion for safety, chemistry, and extraordinary results. Learn more at www.siigroup.com.
Media Contact:?
Joseph Grande?
ph: + 1.413.684.2463?
joe@jgrandecommunications.com
Logo - https://mma.prnewswire.com/media/95496/si_group__inc__logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/si-group-announces-plans-to-close-manufacturing-site-in-singapore-302256248.html
