IMCD N.V., a Dutch provider of specialty chemicals and food ingredients, has signed a deal to buy out Brylchem Group.
Brylchem Group includes Singapore-based firms Brylchem Pte Ltd and Chemipac Pte Ltd., and CMS Marketing Trading Co., Ltd in Vietnam.
The group was founded in Singapore in 1992, offering a wide range of products in the coatings, construction, advanced materials, agrochemical, home care and industrial cleaning, feed and veterinary, and lubricants industries for the Singapore and Vietnam markets.
The closing of the transaction is expected to take place in the fourth quarter of 2023, an IMCD release said on Friday without disclosing the acquisition price.
"Brylchem Group provides IMCD with an excellent gain in foothold, given their strong presence in the highly dynamic and vibrant Singaporean and Vietnamese markets," said Daan Roebbers, regional director of expansion, strategy, and digitalization at IMCD Asia-Pacific.
He noted, "This is a momentous milestone with it being the first acquisition for Vietnam and a vital opportunity for our business expansion into new markets for both Vietnam and Singapore."
Brylchem generated revenue of approximately 85 million Singapore dollars ($63.6 million) in 2022, according to the group. It has around 50 employees in Singapore and Vietnam. Brylchem’s Vietnam office is located in Ho Chi Minh City, the country’s southern economic hub.