IMCD acquires the business of food ingredient distributor Matrix Ingredients in Singapore and Malaysia
ROTTERDAM, The Netherlands (30 August 2019) – IMCD N.V. (“IMCD” or “Company”), a leading distributor of speciality chemicals and food ingredients, announces today that it acquires the food distribution business of Matrix Ingredients Pte. Ltd., Maxim Ingredients International Pte. Ltd. and Matrix Ingredients Sdn. Bhd. (hereafter together “Matrix Ingredients”), in Singapore and Malaysia, which is integrated into IMCD’s existing organisation.
Established in 2002, Matrix Ingredients provides ingredients, technical services and formulation advice in the savoury and processed meat segment in both Singapore and Malaysia markets. In 2018, Matrix Ingredients generated revenue of SGD 6.5 million.
The services offered by Matrix Ingredients form a valuable addition to IMCD’s food and ingredients portfolio aiming to strengthen IMCD’s savoury & processed meat segment.
Haiko Zuidhoff, Vice President, Asia Pacific, comments: “With Matrix Ingredients’ leadership position in the Singapore and Malaysian market, IMCD establishes a solid position in the fast-growing savoury and processed meat segment. Together we are well positioned to deliver accelerated growth in the APAC region to our suppliers.”
The acquisition is paid from available cash and existing facilities.
Photo of the signing with from left to right: Moy Teo, former owner Matrix Ingredients and Haiko Zuidhoff, Vice President, APAC - IMCD Asia Pte. Ltd.
Photo taken by : Picture Me Digital Technology Pte. Ltd.