September 29 2014, David R Brown
Recently floated IMCD Group acquires Danasia Inc., Philippines as it continues to expands its global network
The recently floated IMCD Group, a leading international distributor of speciality chemicals and food ingredients, has announced that it has completed the acquisition of Danasia, Inc. in the Philippines. Danasia, Inc., founded in 1993 and based in Makati City, is a distributor of leading brands of food and industrial ingredients from Europe, the USA and Asia-Pacific and has a strong foothold in the Philippines food industry.
The deal marks IMCD's first entry into the rapidly emerging Philippines market
Albert Stevens
IMCD Vice-President, Asia
Mr Albert Stevens, IMCD's VP Asia, said, “We are delighted with the acquisition of Danasia. Marking IMCD's first entry into the rapidly emerging Philippines market, this acquisition will provide for us a valuable platform to further expand and strengthen our presence in this market.”
In 2013 Danasia generated sales of approximately €7 million and employed 22 people.
Furthermore, as opposed to the statement in the IPO prospectus, IMCD have decided not to pursue the acquisition of Animus International Corporation, located in the Philippines by mutual consent of both parties. In March 2014, the Group had signed an agreement to acquire the assets and business of Animus which specialises in the sale and distribution of raw materials for applications in the food, construction, paint and coatings and personal care industry. No reasons have been given for the cancellation of the deal.
About IMCD Group
IMCD Group B.V. is a market-leader in sales, marketing and distribution of speciality chemicals and food ingredients through a network of offices and warehouses located in Europe, Asia Pacific and Africa. Headquartered in Rotterdam, The Netherlands, IMCD had a turnover of around €1.2Bn in 2013 and employs in excess of 1250 professionals in 39 countries.
Source(s): IMCD Press release
Further Information
Visit: http://www.imcdgroup.com