ROTTERDAM, The Netherlands - IMCD Group B.V. has reached a binding agreement with Warwick International Group Ltd., based in Mostyn, North Wales, for the sale of its specialty chemical distribution companies. The transaction, for 100 percent of the share capital of all the distribution companies, is due to be completed on Aug. 31, 2010. The terms of the sale are not being disclosed.
The businesses included in the transaction are GME Chemicals (Malaysia), Warwick Technology (Slovenia) and Warwick’s distribution companies in France, Italy, Spain and Portugal. The combined businesses have sales revenues of approximately EUR 80 million and employ 125 staff.
“With a reputation of a highly transparent partner in Europe and our plans to aggressively expand in Asia over the coming five years, we are now aiming to become a distributor of choice for the world-leading suppliers of specialty products on the Asian continent,” said Piet van der Slikke, CEO of IMCD Group.
IMCD’s distribution business in Asia-Pacific includes companies in Australia, New Zealand, China and India. Including the acquired Malaysian operation, IMCD’s sales revenue in the region totals EUR 140 million. This deal complements IMCD’s existing portfolio for coatings, polymers, consumer and personal care, minerals and industrial applications. IMCD has doubled in its size over the last decade.