Sequent Scientific, an integrated pharmaceutical company, today announced that Songwon Industrial Group and the company is signing an agreement whereby Songwon will acquire Sequent's specialty chemicals business.

The acquisition includes Sequent's polymer stabilizer business and production site in Panoli, Gujarat together with the local R&D team. The parties expect the transaction to close in Q3, 2014 and is subject to customary closing conditions.

Jongho Park, chairman and CEO of Songwon Group commented, ''This acquisition is another milestone in Songwon's commitment to be a reliable partner to the polymer industry, strengthening our position as a leading supplier of polymer stabilizers in one of the fastest growing polymer markets. The local manufacturing presence will support Songwon's ambition to build a leading position in India while serving the specific needs of the Indian market. The production site in Panoli gives Songwon access to a state of the art manufacturing facility to produce high value-added polymer stabilizers such as Songnox PEPQ and other specialty chemicals.''

''Songwon is committed to invest in Panoli to develop the full potential of the site as part of its global manufacturing footprint. Besides serving the domestic market Songwon will also export these products to its global customer base. Next to the production assets Songwon is also excited to leverage the extensive experience and high level of competence of the local R&D team,'' he added.

Shares of the company gained Rs 16.9, or 7.86%, to settle at Rs 232. The total volume of shares traded was 31,951 at the BSE (Tuesday).