Two industrial paint manufacturers are joining forces in the Polish market, while an acquisition by IMCD will give that company a foothold in the Asian specialty chemicals sector, the parties have announced.
Teknos, Oliva Merge in Poland
Industrial paint companies Teknos and Oliva have teamed up to become a major force in the Polish metal paint market.
The companies signed an agreement Aug. 23 to form the Teknos-Oliva brand. The merger, subject to government approvals, is expected to close by the end of October.
Oliva is a well-known brand in Poland among metal industry paints and yacht paints. The company has 90 employees with an office and paint factory in Gdynia and net sales of about 8 million euros (about $10.2 million U.S.).
Teknos Poland, based in Warsaw with an office in Lódz, has been in the country for more than 15 years.
Teknos-Oliva forecasts an annual turnover of more than 20 million euros ($25.4 million U.S.) and vows to become “one of the leading players in the Polish metal and industrial wood coatings market,” according to a joint statement. Production will continue in Gdynia.
Oliva Group CEO and owner Krzysztof Bruski will become a member of the Teknos-Oliva supervisory board; Teknos Poland managing director Piotr Niedziólka will become the new company’s managing director.
IMCD Group Expands in Europe, Asia
IMCD Group B.V. has reached a binding agreement to buy the specialty chemical distribution companies of Warwick International Group Ltd., based in North Wales.
The transaction, for 100% of the share capital of all the distribution companies, was to be completed Aug. 31, 2010. Terms were not disclosed.
Included in the transaction are Warwick’s distribution operations in France, Italy, Spain and Portugal, as well as Warwick Technology (Slovenia) and GME Chemicals (Malaysia). The combined businesses have sales revenues of about 80 million euros (about $101.6 million USD) and employ 125 people.
IMCD says the deal will “significantly strengthen” the “technical expertise and product offerings” of its current major distribution businesses in France, Iberia and Italy .
“IMCD will continue to reinforce its presence in Europe as the leading distributor for specialty chemical and food ingredients,” says Piet van der Slikke, CEO of IMCD Group. “We expect that this acquisition will result in significant synergies and will open up new growth possibilities.”
The agreement also signals IMCD’s determination to expand its Asia Pacific presence, the company said.
“With a dominant position in Australia and with presence in China and India, the addition of this leading Malaysian distributor to the Group is an important step for us to expand in South East Asia,” said Van der Slikke.
Rotterdam-based IMCD distributes specialty chemicals and food ingredients. The company has an annual turnover of 925 million euros (about $1.2 billion U.S.) and employs 800 people in 32 countries.