Brenntag closes acquisition first phase Zhong Yung Chemical

Brenntag closes acquisition of first phase of Zhong Yung Chemical

4:18 PM, 18th August 2011
Brenntag closes acquisition of first phase of Zhong Yung Chemical
Steven Holland, CEO, Brenntag.

 

MULHEIM, GERMANY: Brenntag closed the acquisition of the first 51 per cent of Zhong Yung (International) Chemical Ltd, a chemical distributor focused on solvents in China. With this Brenntag gains market access to China, the world’s fastest-growing chemical market. Brenntag acquires over €200 million of sales expected for 2011. Having signed the purchase agreement on June 09, 2011, the transaction has formally been closed within 10 weeks. The acquisition will be executed in two steps. Acquisition of the remaining stake is scheduled for 2016.

Brenntag thus strengthens its growth strategy in the Asia-Pacific region and looks forward to developing a solid distribution network in China. “We intend to use the strong national sales organization covering North, East and South of China to expand the product lines we distribute. We are now the only global chemical distributor who can offer its customers and suppliers an established network in all major economies of Asia Pacific. This will open up opportunities for organic growth. We are continuing to look for further acquisition opportunities to support our growth in Asia Pacific,” said Steven Holland, CEO, Brenntag.

(C) WOC News

 

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