Brenntag buys a 51% stake in Singapore-based supply chain solutions leader, TEEHAI
March 14 2019, David R BrownTweet
Brenntag (WKN A1DAHH), the global market leader in chemical distribution, has signed an agreement to enter a 51/49 joint venture with Tee Hai Chem Pte Ltd ('TEEHAI'). The company headquartered in Singapore is a strategic market leader in providing supply chain solutions for materials, chemicals and services for the Life Sciences, Electronics manufacturing and Research & Diagnostics sectors in Singapore and Southeast Asia.
Brenntag considers the joint venture as an important step into the most attractive industry groups in Singapore and beyondAnthony Gerace
Managing Director Mergers & Acquisitions at Brenntag Group
Henri Nejade, Member of the Management Board of Brenntag Group and CEO Brenntag Asia Pacific: “TEEHAI has a leading market position in Singapore with long lasting supplier and customer relationships. The location of its facilities in Singapore offers strategic advantages in proximity to customers, major ports and neighbouring growth markets.”
Anthony Gerace, Managing Director Mergers & Acquisitions at Brenntag Group: “Brenntag considers the joint venture as an important step into the most attractive industry groups in Singapore and beyond. This is a great opportunity to foster growth for Brenntag into key markets primarily for pharma and semiconductors. Moreover, entering into the joint venture will allow us to further develop the company through realising synergies with the existing supplier and customer base of Brenntag in the Asia Pacific region.”
TEEHAI owns two innovative, state-of-the-art facilities, including the largest purpose-built standalone GxP-compliant facility in Singapore and Southeast Asia for the life sciences industry, and the largest facility for high volume, fast turnaround logistics operations in Singapore for the electronics industry.
In 2018, the business reported total sales of approximately EUR 110.8 million. Following the transaction, the family behind Tee Hai Chem, which include executive director Han Koon Juan and his three siblings, will become minority shareholders. Completion of the transaction is expected to occur in the course of the next weeks, subject to contractually agreed closing conditions.
Brenntag, the global market leader in chemical distribution, covers all major markets with its extensive product and service portfolio. Headquartered in Essen, Germany, the company operates a global network with more than 530 locations in 73 countries and a global workforce of more than 16,000 employees. In 2017, the company generated sales of EUR 11.7 billion (USD 13.3 billion). Brenntag connects chemical manufacturers and chemical users. The company supports its customers and suppliers with tailor-made distribution solutions for industrial and specialty chemicals. With over 10,000 products and a world-class supplier base, Brenntag offers one-stop-shop solutions to around 185,000 customers. This includes specific application technology, an extensive technical support and value-added services such as just-in-time delivery, product mixing, formulation, repackaging, inventory management and drum return handling.
Source(s): Brenntag Press Release
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