INDIA – IMCD, a leading distributor of speciality chemicals and food ingredients, has acquired full ownership of India based Monachem Additives to support the company’s expansion plan in the market.
Monachem Additives operates in India through two subsidiaries; Monachem Additives Private Limited and Addpol Chemspecialities Private Limited. Both entities will be fully integrated into IMCD’s existing organisation by 2020.
The Vadodara-headquartered company is engaged in supplying and selling a comprehensive range of specialty chemicals products, in particular for the plastics industry.
Olivier Champault, Director of IMCD Advanced Materials comments, “this acquisition fits perfectly in our continuous efforts to build and establish IMCD’s position in the Advanced Materials segment in India, a very promising market to support our expansion and ambition in Asia.
Both companies, have a strong track record in offering specialty products and technical expertise which is very much aligned with IMCD practices.”
In the year ending 31st March 2019, Monachem Additives generated revenue of INR 800 million (US$11.22 million).
While the amount of the transaction was not disclosed, the company said that rhe acquisition will be financed through available cash and existing facilities.
The acquisition builds on IMCD’s expansion strategy across various markets marked by a foray of acquisitions in the recent past.
Early September, the company announced that it had competed acquisition of food distribution business of Matrix Ingredients in Singapore and Malaysia.
In August, the speciality chemicals and food ingredients teamed up with French bio-based plastic pellet maker Lactips to start a distribution partnership to market Lactips’ biodegradable raw materials.
IMCD has presence across various markets in the Europe Middle East and Africa (EMEA) Asia-Pacific and America regions, offering a range of comprehensive product portfolios, including innovative formulations that embrace industry trends.
The food ingredients supplier has more than 2,800employees in over 45 countries on 6 continent for around 37,000 customers and a diverse range of world class suppliers.
Its product portfolio is divided into several lines including coatings, food and nutrition, detergents, pharma, personal care, lubricants, synthesis, plastics and others. In 2018, IMCD realised revenues of € 2,379million (US$2.608 billion).