IMCD expands its Indian footprint by acquiring Monachem Additives
ROTTERDAM, The Netherlands (18 September 2019) – IMCD N.V. (“IMCD” or “Company”), a leading distributor of speciality chemicals and food ingredients, announced that it successfully completed the acquisition of 100% of the outstanding shares of the India based “Monachem Additives Private Limited’ and “ Addpol Chemspecialities Private Limited” (together Monachem Additives).
Monachem Additives, headquartered in Vadodara, was established in 1974, and is engaged in supplying and selling a comprehensive range of specialty chemicals products, in particular for the plastics industry.
In 2018/2019, Monachem Additives, generated revenue of INR 800 million with 22 employees (year ending March 31, 2019). Both entities will be fully integrated into IMCD’s existing organisation by 2020.
Olivier Champault, Director of IMCD Advanced Materials comments, “This acquisition fits perfectly in our continuous efforts to build and establish IMCD’s position in the Advanced Materials segment in India, a very promising market to support our expansion and ambition in Asia. Both companies, have a strong track record in offering specialty products and technical expertise which is very much aligned with IMCD practices.’’
The acquisition is paid from available cash and existing facilities.
From left to right: Mr Shamik Shah (CEO and Director), Mr Dilip Shah (Ex-chairman and Managing Director) and Amit Hirani, Managing Director, IMCD India Pvt. Ltd.