Schumann Steier, Inc. (SSI), announced today that it has completed the acquisition of Chusei Oil ... [Continue Reading]
SSI CHUSEI HISTORY
Chusei (U.S.A.) Inc. was established as a Texas corporation in September 1989, initially as a wholly owned subsidiary of Chusei Oil Company, Ltd., a privately held company with headquarters in Okayama, Japan. Chusei Oil Company has nearly 100 years of involvement with a myriad of business in both the consumer and industrial sectors. Its industrial focus includes the manufacturing and marketing of automotive products and specialty polymers along with providing environmental services and custom chemical manufacturing services. The Chusei group of companies consists of over 250 employees with sales in excess of $150 million, covering East Asia, Europe and the United States.
Based in Houston, Texas, the early objectives of Chusei (U.S.A.) were to expand sales of Chusei’s low molecular weight polyethylene waxes into the North American market and to expand and identify business opportunities to support the construction of a manufacturing facility in the United States.
In June of 1991, a 20 acre plant site was selected and construction began at the site in October of that year. As the construction progressed, efforts were expanded on the sales and marketing front. Chusei (U.S.A.) major business lines were divided into two areas. Polyethylene waxes and toll manufacturing. The construction phase was completed in November 1992, toll processing quickly becoming a major focus of the Company, supported by incremental expansions of the Bayport site in order to serve growing customer needs.
Toll manufacturing for Chusei in both the United States and Japan has been utilized as a vehicle of opportunity for participation in new business ventures. It was in conjunction with its tolling business that Chusei became involved with phytosterols production in 1996. For the next 4 years, the Company devoted considerable resources to the development and commercialization of tall oil derived sterols. This development led to the establishment of Phyto-Source, L.P., for the manufacturing and marketing of wood based sterols.
In 1999 the opportunity arose for Chusei to significantly expand its polyethylene wax business through the formation of a joint venture called Chusei Waxtech Polymers, LLC (CWP). Using the Chusei manufacturing facility, CWP became one of the largest bi-product polyethylene wax producers in the United States.
In April 2009 Chusei (U.S.A.) sold the Phyto-Source L.P. plant assets to COGNIS Corporation. In March 2010 Chusei Oil Ltd (Japan) consolidated all ownership and acquired outstanding interest in Chusei (U.S.A.) and CWP. In July 2010 Chusei Oil sold a significant equity stake in Chusei (U.S.A.) to Schumann Steier Holding. The new company name is now SSI Chusei, Inc. The acquisition by Schumann Steier Holding brings significant resources to SSI Chusei, Inc.. Sales, marketing, technology and financial resources have all been added to SSI Chusei, Inc.
Under new management SSI Chusei, Inc. has positioned itself for growth. The company will continue custom chemical tolling to third parties, it will continue to manufacture PE wax and some of its own proprietary products. The company has added significant technical and operational resources that have already resulted in initial growth.