The Business Side: Chemical Deals, Investments and Expansion

Recent announcements across the chemical and industrial sectors point to continued consolidation, portfolio expansion and investment in emerging technologies. Shrieve Chemical acquired FIS Chemicals to expand its global footprint, Ecovyst agreed to acquire INEOS’ Calabrian business to broaden its sulfur derivatives portfolio, and Praana Group completed its purchase of Multi-Chem to strengthen its specialty chemicals platform. Carrier Ventures also expanded its investment in ZutaCore to support data center cooling technologies. Read more on these developments below.

Shrieve Chemical Acquires FIS Chemicals to Expand Global Reach

Shrieve Chemical Company, a portfolio company of Gemspring Capital, announced April 21 it acquired FIS Chemicals Ltd., a Scotland-based manufacturer and distributor of chemical solutions. Terms of the transaction were not disclosed.

FIS, founded in 1980 and headquartered in Aberdeen, serves industries including oil and gas, renewables, marine, hospitality and logistics. The acquisition expands Shrieve’s product portfolio and presence across these markets.

In a press statement, Shrieve said the combination is expected to broaden capabilities and strengthen relationships across industrial sectors. FIS leadership will remain in place, with CEO Kenny Woods continuing to lead the business as part of the combined organization.

Ecovyst to Acquire Calabrian Sulfur Business from Ineos

Ecovyst Inc. announced May 1 it signed a definitive agreement to acquire the Calabrian sulfur dioxide and derivatives business from Ineos Enterprises for $190 million, subject to customary adjustments. The transaction is expected to close by the end of the second quarter of 2026, pending standard conditions.

Calabrian operates production facilities in Port Neches, Texas and Timmins, Ontario, supplying sulfur dioxide and related derivatives used in mining, water treatment and specialty chemical production.

According to the company, the acquisition will expand Ecovyst’s portfolio into sulfur dioxide and related products, including sodium bisulfite and sodium thiosulfate. Ecovyst said it plans to fund the transaction through a combination of cash and new debt financing. INEOS said in a press statement the sale reflects its portfolio management strategy.

Praana Group Completes Multi-Chem Acquisition

Praana Group announced May 4 it completed the acquisition of Multi-Chem, which will operate as Sterling MultiChem within its specialty chemicals platform.

Multi-Chem provides oilfield chemical solutions and field services across upstream, midstream and downstream operations, including applications in drilling, production, flow assurance and water treatment.

According to the company, the acquisition combines Multi-Chem’s field services with Sterling Specialty Chemicals’ manufacturing and polymer capabilities. Praana Group said the integration is expected to expand its presence in energy markets and support operational and technical capabilities across the value chain. The company said operations will continue as integration progresses.

Carrier Ventures Expands Investment in ZutaCore

Carrier Global Corporation announced April 29 that its venture group expanded its investment in ZutaCore, a provider of liquid cooling systems for data centers. Terms of the investment were not disclosed.

ZutaCore, based in Foster City, California, develops direct-to-chip, waterless liquid cooling systems designed to manage heat in high-density computing environments.

In a press statement, Carrier said the investment supports its strategy to expand capabilities in data center thermal management. The company said demand for advanced cooling solutions is increasing as artificial intelligence applications drive higher chip power densities.