Ohio-based private investment firm Signet has acquired a nearly 50-year-old chemical manufacturer in Floyd County. Financial details of the deal for Blue Grass Chemical Specialties LLC were not disclosed, however Signet says the management team at the company’s New Albany plant will remain in place to ensure continuity.
Signet says its executives will work with Blue Grass management to "revamp the company’s corporate brand strategy." Blue Grass manufactures chemical products used in commercial and industrial applications such as agriculture processes, wastewater treatment and nuclear waste irradiation.
Blue Grass will be integrated into Signet’s portfolio, a move Signet says will expand and enhance Blue Grass’ market potential.
"Blue Grass Chemical is a successful, mature company with a stable book of business," says Signet Chief Operating Officer Mark Corr. "We see a great opportunity for us to build on their strong foundation through investments in brand positioning and awareness in the marketplace, while also supporting strategic enhancements to their infrastructure, manufacturing and business processes. Blue Grass is the perfect fit for Signet and we are excited to add value and help grow the business by infusing thoughtful and strategic resources at all levels."
Corr says the goal is to improve Blue Grass Chemical’s industry awareness and perception.