Shah delighted to partner with IMCD for two business lines
India has experienced rapid growth in automobile, construction, and infrastructure, which are driving demand for coatings and adhesives, says listed-IMCD NV, a global leading distribution partner, and formulator of speciality chemicals and ingredients headquartered in Rotterdam.
The Dutch group underlined this on signing an agreement to acquire two business lines from Nariman Point headquartered CJ Shah & Company for Cellulose Acetate Butyrate, Coalescing Agent, Polyolefin Polymers, and other chemicals primarily for Paints, Coatings, Adhesives and Lifesciences applications.
The acquisition will be through IMCD India, it was announced on 14 Nov 2023.
These businesses generated a revenue of approximately Rs.2,300 million (ca. ~EUR 25 million) in the financial year that ended on 31 March 2023.
They serve a large group of customers with an extensive portfolio of products alongside commercial, technical, and laboratory support.
“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 conditions and is expected to take place in the last quarter of 2023.
IMCD is an expert solutions provider and adds sustainable value to the supply chain. In 2022, with over 4,300 employees, IMCD realised a revenue of EUR 4,601 million. IMCD N.V.’s shares are traded at Euronext, Amsterdam (symbol: IMCD) and included in the Dutch ESG AEX index, as one of 25 companies within the AEX and AMX indices demonstrating best ESG practices. Fiinews.com
