Azelis sells composites business

European distributor divests its composites product line.

Azelis (Antwerp, Belgium) announced on Oct. 1 the sale of its international composites business to VELOX GmbH (Hamburg, Germany), which has acquired this business in its entirety. VELOX will take over and manage the composites business and its employees, effective immediately.

As part of the company’s natural progression and clear focus on value added growth within specialities, a strategic review was undertaken by the Azelis board and the composites market was judged to be sub-critical to the company’s plans for future development. Within the markets it serves, industrial chemicals, coatings, rubber and plastics and life sciences have been identified as primary value added growth areas within Europe. Further expansion within Asia Pacific is also another key pillar using a speciality chemicals business model.

Michel Dubois, group strategy officer adds, “Azelis would like to take this opportunity to thank our composites suppliers for their support over the years and for their cooperation in the sale of the business. We are convinced that VELOX will remain a suitable distribution partner successfully growing a sustainable composites business.”

“We understand the importance of building and maintaining personal relationships with our customers and partners and are pleased to welcome our new colleagues to VELOX. We are committed to grow the composites business together with our principals and develop our product offering for the composites market” states Max Schlenzig, founder and managing director at VELOX.