05 September 2013 19:52 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--IMCD Group has acquired a majority stake in Brazilian speciality chemicals distributor Makeni for an undisclosed fee, the Netherlands-based chemical and food ingredients supplier said in a statement on Thursday.
The deal marks IMCD’s first foray into the Brazilian market and follows the Dutch company’s acquisition of Singapore-based specialty plastics distributor Paceco Industrial Supplies in August.
“This is an important step in the realisation of our strategy to develop in the largest country of Latin America and one of the leading economies in the world,” said IMCD’s chief executive officer Piet van der Slikke.
Sao Paulo-based Makeni is one of the largest chemical distributors in Brazil.
According to IMCD, the company is active in the coatings, construction, adhesives and plastics, personal care and nutrition sectors, employs more than 100 staff and has an annual turnover of around Brazilian reais (R) 200m ($86m, €65m).
The Medrano founding family will keep a minority stake in the business, while Reinaldo Medrano will remain the company’s managing director, IMCD said.
($1 = R2.33, $1 = €0.76)
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