LC Group of Philadelphia has acquired 100 percent of the stock in Crowley Chemical and Crowley Tar Products Inc. for an undisclosed price. Products made by Crowley Chemical, which is headquartered in New York City and operates plants in Ohio and Oklahoma, include a metalworking fluid and a terpolymer for grease making.
Bill Callahan, president of LC Group, will become chief executive officer of both companies. Bill Jennings, the previous majority owner, will remain with the companies in his current position as president. The companies completed the stock transaction Jan. 5.
Crowley supplies customers with a variety of organic chemicals derived from both petroleum and coal tar. Jennings told Lube Report that a small part of Crowleys business includes a metalworking fluid and a polymer used for grease making.
We make a rosin-based metalworking fluid used for stamping, rolling and drawing oils at our plant in Kent, Ohio, Jennings said. We also supply a polyisobutylene terpolymer used for grease making.
He explained LC Group was appealing in terms of its background and their interest in growing Crowley. The people there have backgrounds in the oil industry, and they thought they could expand the activities we have into a larger area, Jennings said. Essentially its a growth strategy on their part. Theyre privately owned, which I like very much. Its going to be a continuation of what weve been doing.
LC Group is a private investment group focused on niche businesses in the chemical, oil, pharmaceutical packaging and coal tar industries.