IMCD it has signed an agreement to acquire 100% of the shares of Needfull
10.05.23
IMCD, a distribution partner and formulator of specialty chemicals and ingredients, announces that it has signed an agreement to acquire 100% of the shares of the specialty distribution company Needfill in South Korea.
Needfill serves the paint, coatings, inks, textiles, electronics and polymer markets. Needfill, based in Seoul, generated a revenue of approximately KRW 26.2 billion (ca. EUR 18 million) in 2022 and has 18 employees.
"As we look ahead, the coatings market in South Korea has an exciting growth potential. Having Needfill join us provides a strong addition to our coatings and construction business, enhancing our range of services and portfolio," said Henri Kwon, managing director of IMCD Korea.
“We are confident that Needfill's dedicated team will support our business expansion, reinforcing our presence in the Korean market,” added Kwon.
"With IMCD's global network, expertise and a strong commitment to sustainability, I'm confident that together we will significantly enhance our growth potential," said Chris Lee, chief executive officer of Needfill. "My team has been a vital asset to the company and I believe they will have even more opportunities to develop and maximize their potential with IMCD."
The closing of the transaction is subject to customary closing conditions and is expected to take place in the fourth quarter of 2023.
10.05.23
IMCD, a distribution partner and formulator of specialty chemicals and ingredients, announces that it has signed an agreement to acquire 100% of the shares of the specialty distribution company Needfill in South Korea.
Needfill serves the paint, coatings, inks, textiles, electronics and polymer markets. Needfill, based in Seoul, generated a revenue of approximately KRW 26.2 billion (ca. EUR 18 million) in 2022 and has 18 employees.
"As we look ahead, the coatings market in South Korea has an exciting growth potential. Having Needfill join us provides a strong addition to our coatings and construction business, enhancing our range of services and portfolio," said Henri Kwon, managing director of IMCD Korea.
“We are confident that Needfill's dedicated team will support our business expansion, reinforcing our presence in the Korean market,” added Kwon.
"With IMCD's global network, expertise and a strong commitment to sustainability, I'm confident that together we will significantly enhance our growth potential," said Chris Lee, chief executive officer of Needfill. "My team has been a vital asset to the company and I believe they will have even more opportunities to develop and maximize their potential with IMCD."
The closing of the transaction is subject to customary closing conditions and is expected to take place in the fourth quarter of 2023.