IMCD India to Strengthen Portfolio with Acquisition of Chemical Business Lines from CJ Shah & Company
- ByStartupStory | November 14, 2023
Rotterdam-based global distribution partner and formulator of specialty chemicals, IMCD N.V., has announced the signing of an agreement for IMCD India to acquire two business lines from CJ Shah & Company. The acquisition focuses on Cellulose Acetate Butyrate, Coalescing Agent, Polyolefin Polymers, and various other chemicals, primarily catering to applications in Paints, Coatings, Adhesives, and Lifesciences.
The businesses being acquired, with 20 employees, generated a substantial revenue of approximately INR 2,300 million (approximately ~EUR 25 million) in the financial year ending on March 31, 2023. These entities serve a diverse customer base, offering an extensive product portfolio accompanied by commercial, technical, and laboratory support.
Narendra Varde, Managing Director of IMCD India & Bangladesh, highlighted the strategic significance of this acquisition. He stated, “India has experienced rapid growth in the automobile, construction, and infrastructure sectors, 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.”
Apurva Shah, Managing Partner of CJ Shah & Company, expressed satisfaction with the partnership, saying, “We are delighted to partner with IMCD for two of our business lines and we wish them all the best.”
The transaction’s closing is subject to customary conditions and is anticipated to conclude in the last quarter of 2023. IMCD N.V., with a focus on sustainable value addition to the supply chain, emphasizes commercial and operational excellence. The company aims to address future business challenges in partnership and transparency, with an awareness of its role in creating a better planet.
In 2022, IMCD N.V. reported a revenue of EUR 4,601 million with over 4,300 employees. The company’s shares are traded on Euronext, Amsterdam, under the symbol IMCD, and it is included in the Dutch ESG AEX index, representing one of the 25 companies within the AEX and AMX indices demonstrating best ESG practices.
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