The Lake Success-based pharmaceutical distributor Aceto Corp. has agreed to buy a paper chemical company that will become part of its specialty chemicals division.
The acquired company, Andrews Paper & Chemical Co. Inc. of Port Washington, founded in 1953, is "a leader in the supply of diazos and couplers to the paper, film and electronics industries," Aceto said Monday in a news release. Terms of the deal were not disclosed.
Andrews Paper products are used for microfilm, whiteprint - with white backgrounds and blue lines - and photo tooling for printed circuit boards, the Aceto news release said. These are new product areas for Aceto.
"With the acquisition of Andrews, Aceto will add customers, products and market areas to our specialty chemicals segment," said Vince Miata, Aceto president and chief executive.
"We believe that the Andrews business will fit in very nicely with our existing, successful model, and as such we envision a smooth integration of their business into our specialty chemicals business."
Last week Aceto announced the promotion of chief financial officer Douglas Roth to senior vice president and chief administrative officer. Roth, who joined the company in 2001 and will continue as CFO, will also assess opportunities for Aceto to grow by buying other companies.
Aceto has facilities in 10 countries and distributes more than 1,000 chemicals and pharmaceuticals mainly as raw materials in the pharmaceutical, crop protection, surface coating, ink and other industries. Aceto closed at $5.86 Monday in Nasdaq trading, up 3 cents.