IMCD China has signed an agreement to acquire 100% of the shares of Shanghai Syntec Additive Limited and Shanghai Weike Additive Limited (jointly “Syntec”).
Acquisition for Supplier Expansion
Founded in 2003, Syntec is one of the leading suppliers and provides market, technical and formulation expertise in China's personal care, cosmetics, and home care industries. Syntec generated a revenue of approximately 107 million RMB (ca. EUR 14.4 million) in 2020 and has 25 employees.
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The personal care market is an integral part of IMCD China’s growth strategy,” remarked Andreas Igerl, managing director of IMCD China. “
With this acquisition, we now can accelerate our growth momentum organically and through supplier expansion. The addition of a fully equipped laboratory in Shanghai will provide added value through formulation expertise to our customers.”
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We are delighted to join IMCD as we share a similar approach of being service oriented and providing innovative solutions to our customers and partners,” commented Owen Yu, founder and general manager of Syntec. “
We will be able to tap on IMCD’s global network and resources to gain sustainable development and progression in the personal care market.”
The closing of the transaction is expected to take place within the next five weeks.
Source: IMCD