HAMBURG, Germany/SINGAPORE - The Biesterfeld Group recently announced it has established a joint venture by acquiring a majority stake in Singapore-based GME Chemicals. The closing is now completed. A complete takeover of the remaining shares will take place in five years, according to the contract. The parties have agreed not to disclose details of the transaction.

By acquiring a stake in GME Chemicals, one of the leading distributors of specialty chemicals and polymers in Southeast Asia, Biesterfeld reports that the company is continuing its geographic expansion and growth strategy and laying the foundation for a targeted and long-term expansion of its market position in one of the world's fastest growing regions in its core business.

GME Chemicals is active in the markets for performance and industrial chemicals, food, pharmaceuticals, elastomers and specialty polymers, and also in developing sustainable solutions for customers. The company, which was established in 1999 in Singapore, has grown successfully and is represented by operating subsidiaries in Malaysia, Indonesia, Vietnam, Thailand and China. It has 60 employees.

Dirk Biesterfeld, Chairman of the Supervisory Board of Biesterfeld AG, explained, "Asia is a significant growth market and of strategic importance to us. Here, too, we want to significantly increase our market presence together with our suppliers. As a family-owned company, reliability, a long-term commitment, and the joint cooperation of all employees are particularly important to us. The GME portfolio is an excellent addition to the Biesterfeld Group and we are gaining highly qualified employees. I look forward to the cooperation and a successful future together."

Thomas Arnold, CEO of Biesterfeld AG, added, "Biesterfeld's core business is technically complex and consulting-intensive products and services. Here we have developed into a leading global distributor and reliable partner. We have been growing very successfully with our principals for years and are expanding into new markets together. We are continuing on this course with our entry into GME Chemicals. We are strengthening and expanding our competencies and, together with our new colleagues, we will drive forward our strategy of continuous expansion in Asia and jointly develop further markets and segments for Biesterfeld."

Philip Chew, Managing Director and shareholder of GME Chemicals, said, "In Biesterfeld, we have not only found a majority shareholder and, in the future, a new owner, but a true partner. We share the same business view and the same values. As shareholders, we will therefore remain in the company with our management team and our employees. I am sure that with our know-how, we can jointly and significantly expand the solution portfolio for customers in Asia and accelerate the growth of our suppliers in our markets. I look forward to our continued journey as part of the Biesterfeld Group."