BusinessWire India
Mumbai (Maharashtra) [India], November 14: “IMCD N.V. (“IMCD” or “Company”), a global leading distribution partner, and formulator of speciality chemicals and ingredients, today announces that IMCD India has signed an agreement to acquire two business lines from CJ Shah & Company for Cellulose Acetate Butyrate, Coalescing Agent, Polyolefin Polymers, and other chemicals primarily for Paints, Coatings, Adhesives and Lifesciences applications.
With 20 employees, these businesses generated a revenue of approximately INR 2,300 million (ca. ~EUR 25 million) in the financial year that ended on March 31, 2023. They serve a large group of customers with an extensive portfolio of products alongside commercial, technical, and laboratory support.
“India has experienced rapid growth in automobile, construction, and infrastructure, driving increased demand for coatings and adhesives. Acquiring these businesses strategically enhances our capabilities and product lines, positioning us as the market leader in coatings and construction,” said Narendra Varde, Managing Director, IMCD India & Bangladesh.
“We are delighted to partner with IMCD for two of our business lines and we wish them all the best,” said Apurva Shah, Managing Partner, CJ Shah & Company.
The closing of the transaction is subject to customary closing conditions and is expected to take place in the last quarter of 2023.
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