Saiden Technologies changes name, separates from parent company
Lee County-based Saiden Technologies has announced its separation from its parent company in order to focus on local expansion, the firm confirmed Monday.
Saiden Technologies, which manufactures polymers for adhesive and coating purposes in the Americas, is now renamed STI Polymer, according to a written statement from the company. STI announced Friday that it had purchased 100 percent of the company's stock from its Japanese parent company, Saiden Chemical.
“We believe that local ownership will allow us to serve our North American customers with greater focus, compared to operating as a non-strategic asset of Saiden Chemical,” said Jeff Lamb, who continues in his role as company president. “We are very pleased that we will be able to maintain our excellent workforce and state-of-the-art facility, and look forward to continuing to serve our loyal customers with the products and services they have come to expect.”
The financing of the acquisition provides STI Polymer, located at 5618 Clyde Rhyne Drive, with liquidity to support its plans for rapid growth, according to the company release.
“We are excited that our new freedom of action will open up the prospect of growing into new products and markets,” Lamb said.
There will be little change for the company's 30 employees or its products, according to Damian Munn, an STI employee. The company will continue to be led by its current management team, which has been in place since the plant opened in 2001. The acquisition reportedly includes full rights to the company’s existing product portfolio and a technical support agreement under which STI Polymer will maintain access to Saiden Chemical’s research and development resources.
"Our parent company was in Japan, and they were not targeting growth in the United States," Munn said. "Now we are going to have a more targeted, local growth focus."