Trecora Resources To Acquire SSI Chusei - Quick Facts

(RTTNews) - Trecora Resources (TREC), a specialty chemical manufacturer, Monday announced that it has entered into a definitive agreement with Schumann/Steier Holdings, LLC, to acquire 100% of Schumann/Steier's Texas subsidiary SSI Chusei, Inc., for $73 million subject to certain working capital adjustments.

SSI Chusei manufactures specialty polyethylene waxes and also provides custom processing services from its 21 acre plant located in Pasadena, Texas. Both the parties expect to close the deal on October 1.

Based upon SSI Chusei's 2013 audited financial results, revenues were $23 million and EBITDA $6.6 million.

Peter Loggenberg, the current President of SSI Chusei has also agreed to join Trecora Resources as part of this acquisition and will retain his role as President of this subsidiary.

It is anticipated that SSI Chusei will be rebranded including a name change in the coming months.