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Strem Named “Business of the Year 2008” by Greater Newburyport Chamber of Commerce

Newburyport, MA, May 28, 2008 – The following are some of the highlights about Strem Chemicals that helped it to garner a nomination and ultimately be selected as the Business of the Year 2008.

Here is the submission that the Chamber of Commerce used in making its selection: Strem Chemicals, Inc. was established in 1964 by Dr. Michael Strem, President, to provide specialty chemicals for research and development. The company was originally located in Danvers, MA then moved to the Industrial Park in Newburyport in 1978 and is aptly located on Mulliken Way (named after Robert S. Mulliken, winner of the Nobel Prize in Chemistry 1966 and born in Newburyport 1896).

Strem’s has grown from 40 products in its first year of business to over 4,000 leading edge research chemicals that are used by scientists all over the world in academia and industry, including many global pharmaceutical and microelectronic companies such as Merck, Pfizer, Novartis and IBM. Strem continually expands its product portfolio and more recently started manufacturing nanomaterials, which have received a lot of interest globally for many potential applications.

The company has in international reputation due to its commitment to high quality research products and customer service which it has delivered on a consistent basis. In addition to chemicals for research it has been manufacturing APIs , the active pharmaceutical ingredients of drugs, since 1988. These products are manufactured by adherence to stringent Good Manufacturing Practices, which are required by the Food and Drug Administration. These products go directly into drugs that are for human therapeutic use, including the treatment of cancer.

Strem Chemicals has always been committed to participating in the good of the local community. Mike Strem served on NAID and NEBC and serves as a trustee of the Institute for Savings. Strem employees currently serve on the Newburyport Local Emergency Planning Committee which works on emergency and disaster planning for Newburyport and the surrounding communities. Employees have also performed chemical demonstrations for the Nock Middle School and Newburyport High School to foster an interest in science and chemistry. Each year employees’ personal contributions provide complete Thanksgiving meals to local needy families. Strem Chemicals also supports local organizations such as the Firehouse and other local arts initiatives and this is very noticeable when visiting the Strem facility which has many pieces from local artists. The company also contributes to the local economy by working with local printing, graphic arts, legal, architectural and web design service providers.

Strem Chemicals is committed to the health and safety of its employees and the community. This commitment includes a robust company Safety Program developed and maintained by Strem employees, with active participation from every employee, irrespective of position or title. The commitment extends to strict adherence to federal and state regulations. Strem also participates in the ChemStewards® program, pioneered by the Synthetic Organic Chemical Manufacturers Association. Participation requires a verifiable commitment to health, safety, the environment and security.

Strem provides employees a fair and equitable work environment and generous benefits include 90% medical, dental, life insurance, disability insurance, 401K company contribution, profit sharing and since 2006 an ESOP (employee stock ownership plan) where all employees become partial owners of the company. Also paid vacations, sick time, holidays and personal time are offered to all. These benefits coupled with Strem’s respect for its employee has led to high retention rates. Most management staff have been with the company for about 30 years and many rank and file employees have been there for over 20 years. Average tenure for all 45 employees is 11 years. Strem has never had a layoff. Several employees live in Newburyport and most are from immediate surrounding towns.

The company is financially sound and has had revenue growth in each of the past 5 years and has also been profitable in each of those years. Strem carries no debt.

This is a great company with a visionary President, good and loyal management and employees. The best way to see this is to visit the company and speak directly with its enthusiastic employees!

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