Brenntag acquires full ownership Chinese distributor Zhong Yung

Brenntag acquires full ownership of Chinese distributor Zhong Yung

5:47 AM, 31st May 2016
Brenntag acquires full ownership of Chinese distributor Zhong Yung

MULHEIM, GERMANY: Brenntag AG has signed an agreement to acquire full ownership of Chinese distributor Zhong Yung (International) Chemical Ltd. Previously it owned 51 percent equity stake in Zhong Yung. Brenntag is now buying the remaining 49 percent.

Zhong Yung has a significant presence across the mainland of China with modern equipped distribution facilities in Beijing, Tianjin, Shanghai and Guangzhou.

Zhong Yung is a major industrial chemical distributor with excellent infrastructure in the key economic regions in China including laboratories, blending and storage capabilities. The company continuously focuses on the expansion in the fields of storage, distribution and value-added services.

“In the 5 years of cooperation with a local partner, we saw a successful development of the business, strengthening Brenntag’s footprint in the Asia Pacific region. Zhong Yung is an excellent base for strong future growth in China for our existing business and is an ideal platform for further acquisitions,” said Henri Nejade, CEO of Brenntag Asia Pacific.

“The successful cooperation between Brenntag and Zhong Yung laid a strong foundation for the positive expansion and further growth in China. We will continue to build upon this solid platform to broaden our product portfolio further and be the preferred partner for value-added services for both customers and suppliers throughout the company’s network in China,” said Ni Jianzhong, chairman of the board of directors of Zhong Yung and future chairman of the board of directors of Brenntag in China.

© Worldofchemicals News

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