31 March 2003 18:03 [Source: ICIS news]
LONDON (CNI)--UK polymer technology company British Vita announced Monday the acquisition of Italian colour and additive masterbatch producer Synco from Cognis for Euro2m ($2.2m).
British Vita said the deal was financed from its existing cash resources.
Based near Prato, the Italian firm had revenues of Euro6m in 2002 with sales focused on packaging, household and electrical markets. Net assets amounted to Euro2m and the business employs 28 people.
Commenting on the acquisition, Calvin O'Connor, British Vita’s industrial polymers director, said: "I am delighted that we have been able to acquire Synco to strengthen our existing European market position in technical products, and provide a platform for further growth opportunities in masterbatch products."
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