INTERNATIONAL SPECIALTY CHEMICALS ACQUIRES CHEMFINET

03-May-2001

Gary P. Klein, president of International specialty chemicals, Inc. (ISC), located in Tarrytown, New York, today announced that ISC has acquired Chemfinet services, Inc., an e-commerce Internet exchange service dedicated to the on-line procurement of custom-manufactured fine chemicals. "This new capability allows us to offer Chemfinet's and ISC's customers a level of speed and efficiency not possible without this technological tool," said Klein. "This acquisition, and the merger of the two business models, presents a tremendous opportunity to combine our knowledge and experience in sourcing fine chemicals with the immediacy and efficiency of the Internet. And although we've built our reputation on our ability to respond to our customers' requests in a timely way, Chemfinet's unique application software and the speed of the Internet bring a new dimension of service to our customers." The marriage of these companies combines chemical industry know how, a political and strategic understanding of the marketplace, and superior ability on the Internet -- moving ISC from a bricks and mortar business to a bricks and clicks operation. Bruce N. Diel, Ph.D., president of Chemfinet, commented, "It was Gary's vision that enabled us to move forward in this new relationship. He recognized the potential as well as the power of the Internet as a tool for our customers. - more - (International Specialty continued) We're both concerned with providing our buyers and sellers with the most attractive offers possible, and with the fusion of our respective business models we're able to give our buyers access to a greatly expanded number of qualified suppliers, and simultaneously give our sellers access to a much wider range of new business opportunities." Chemfinet was created by a group of chemists spearheaded by Diel, who was instrumental in recognizing the potential for effectively utilizing the interactive capabilities of the Internet in the buying and selling of specialty chemicals. An internationally recognized leader in the manufacturing of custom chemicals, Diel took his expertise and revolutionary ideas about the buying and selling of specialty chemicals to the Midwest Research Institute (MRI) in Kansas City, Missouri, a contract research organization that performs basic and applied research and provides technical services for chemical industry customers around the globe. It was there that Chemfinet was incubated. Launched at SOCMA's Informex 2000, SOCMA members have garnered new opportunities as well as significant time and money-saving rewards. The procurement method utilizes the concept of anonymous buyers and sellers -- a researcher posts a request for a specialty chemical on the Chemfinet site, which includes a complete description of the specific formula or structure and the timetable -- and manufacturers review the postings and anonymously submit bids. The process is supported by a technical service group that is available to answer questions and assist customers in every way, 24/7/365. "This is what I have done in the industry for over 25 years," commented Klein. "Now, with the expertise that Chemfinet brings to the table, the historical strength of service provided by ISC, and MRI's well-known competencies, we have the ability to source anything and for a much wider number of customers. We are confident that we have created an interactive entity that will satisfy customers by giving them options, efficiencies, and a heightened level of service never before possible."

https://www.chemeurope.com/en/news/2970/international-specialty-chemicals-acquires-chemfinet.html