Investment and development firm Signet LLC says it’s looking to grow its specialty manufacturing investments, and its latest move allows it to do just that.
Signet has acquired Blue Grass Chemical Specialties in New Albany, Ind., for an undisclosed amount, the Akron-based firm announced in a news release on Monday, Oct. 23.
Blue Grass is a contract chemical manufacturer and toll producer of custom products, plus it makes some of its own branded offerings. In its 27,144-square-foot manufacturing facility, the company makes chemicals used in agricultural processes, waste water treatment and nuclear waste irradiation, the release stated.
“We are delighted to add Blue Grass Chemical Specialties to our growing portfolio of manufacturing investments,” Anthony Manna, Signet chairman, said in a statement. “We are actively pursuing specialty manufacturing opportunities in high-growth markets and Blue Grass fits this profile to a tee. We are excited to engage with their executives to add value through our vast corporate resources, which we foresee, in time, will boost revenue and take their business to the next level.”
Like at Signet’s other portfolio companies — which range from book binding and publishing businesses to a corrosion-control polymer maker — the Blue Grass management team will remain in place while Signet executives work with them to revamp the company’s strategy, including branding, officials said.
Signet will look for ways to grow the company and its market potential, plus it plans “operational enhancements and new plant investment” for Blue Grass. A Signet spokesman couldn’t provide additional details about those plans.
“Blue Grass is a successful, mature company with a stable book of business,” Signet president and chief operating office Mark Corr said in the release. “We see a great opportunity for us to build on their strong foundation through investments in brand positioning and awareness in the marketplace, while also supporting strategic enhancements to their infrastructure, manufacturing and business processes.”
Blue Grass, founded in 1969, specializes in the production of metal nitrates, principally ferric nitrate. The company employs 17.
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