15 June 1998 11:37 [Source: ICIS news]
AMSTERDAM (CNI)--Dutch transport, distribution and engineering group Internatio Muller (IM) is to take over a number of chemical distribution companies owned by BP, for an undisclosed sum.
In a statement the Dutch group said it has negotiated the take-over of four companies from BP: Honeywell & Stein of Sutton, Surrey in the UK; Otto Aldag of Hamburg, Germany; BH Schilling of Milan, Italy and BP Chemicals ANZ in Australia and New Zealand. The units have joint annual revenues of Dfl320m ($157m), IM said.
The companies are involved in the distribution and after-sales support of speciality chemicals in Europe and of industrial chemicals in Australia and New Zealand.
IM said: "The acquisition fits in with (our) strategy to expand our pan European speciality chemicals distribution network and to become the leading chemicals distributor in Australia/New Zealand." BP said in a statement that it was focusing increasingly on petrochemical manufacturing.
The companies are to continue to operate with their existing management as part of IM's chemical distribution unit. Once the companies have been consolidated into the Dutch company's growing chemical distribution business, the group will turn over around Dfl1.4bn annually in the sector.
The purchase is to be financed partly through a limited private placement of shares and through cash and bank loans.
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