THE WHAT? IMCD China has announced the acquisition of 100 percent of the shares of Shanghai Syntec Additive and Shanghai Weike Additive, jointly “Syntec’.
THE DETAILS Syntec represents global suppliers and provides market, technical and formulation expertise in China’s personal care, cosmetics, and home care industries.
Owen Yu, Founder and General Manager of Syntec said, “We are delighted to join IMCD as we share a similar approach of being service oriented and providing innovative solutions to our customers and partners. We will be able to tap on IMCD’s global network and resources to gain sustainable development and progression in the personal care market.”
THE WHY? The buy-out is hoped to accelerate IMCD China’s growth within the personal care market, with the transaction expected to close within the next five weeks.
Andreas Igerl, Managing Director of IMCD China, said, “The personal care market is an integral part of IMCD China’s growth strategy. With this acquisition, we now can accelerate our growth momentum organically and through supplier expansion. The addition of a fully equipped laboratory in Shanghai will provide added value through formulation expertise to our customers.”