HCI acquires Coastal and Baychem

17 November 1997 00:00  [Source: ICB]

Worldwide distributor Holland Chemical International (MCI) has bought two US chemical distributors, Coastal Chemical and Baychem, for a total of $50m.

Coastal has sales of $115m, mostly to the oil and gas industries of the Gulf and western states. HCI intends to expand Coastal's sphere of operations into Latin America - HCI's traditional market - where it is already the market leader.

It will also attempt to combine Coastal's activities with those of Calgary, Canada-based Travis Chemical, which HCI bought earlier this year.

Baychem, with turnover of $35m, has four distribution centres supplying speciality chemicals to the paint and coatings industry of the southeastern US. HCI says the acquisition makes it one of the biggest chemical distributors in the region.

Both companies are said to be profitable. HCI financed the purchases through a public share offering specifically for the purpose, which raised Dfl166m ($53m) of new capital on 5 November.

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