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Brenntag strengthens specialties business in Asia Pacific with 2 acquisitions
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Tuesday, 10 August, 2021, 08 : 00 AM [IST]
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China
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Brenntag, the global market leader in chemicals and ingredients distribution, made further important steps in strengthening its business in China, with the closing of two acquisitions within its Specialties division.
The acquisition of the first tranche (67%) of food ingredients specialist Zhongbai Xingye has been closed. The closing of the second tranche and thus the full acquisition of Zhongbai Xingye is expected to be completed by the end of 2024. In addition, the company has completed the acquisition of pigments and additives specialist Wellstar Group by acquiring the remaining 49% of shares of the joint venture.
Henri Nejade, member of the management board of Brenntag SE and COO Brenntag Specialties, said, “Strengthening our Brenntag Specialties division, particularly in China, as well as in the Asia Pacific region in general, is a central pillar of our company’s M&A strategy. I am particularly delighted that we stuck exactly to our timing in both cases and were able to successfully close the important acquisition steps in the dynamic and growing Asian markets as planned.”
The Chinese company is dedicated to the distribution of a wide range of specialty food ingredients, including dairy products and proteins. The acquisition of the leading player in mainland China is an important step for the company to become a full-line distributor of food ingredients in the Asian market. Closing of the second tranche is expected at the end of 2024.
The Wellstar Group is headquartered in Hongkong and operates three subsidiaries in Mainland China located in Shenzhen, Guangzhou, and Shanghai. Since the company acquired a majority stake of 51% with a first tranche in August 2017, the business was operated and successfully developed as a joint venture servicing a broad range of industries. With the closing of the second tranche, the group is 100% owned by the company.
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