Biesterfeld Takes Majority of GME Chemicals
Hamburg-based German distributor Biesterfeld has closed its acquisition of a majority stake in Singapore-based GME Chemicals. The distributor did not quantify the size of the stake but said it plans to purchase the remaining shares over a five-year period. The parties have agreed not to disclose details of the transaction, which will leave GME’s management team and employees in place.
With the deal, Biesterfeld said it is laying the foundation for a “targeted and long-term expansion” of its market position in one of the world's fastest-growing regions for its core business. Established in 1999, GME is regarded as a leading distributor of specialty chemicals and polymers in Southeast Asia.
In particular, the Singapore- based company, which employs 60 people, is active in the markets for performance and industrial chemicals, food, pharmaceuticals, elastomers and specialty polymers, with operating subsidiaries in Malaysia, Indonesia, Vietnam, Thailand and China.
Integrating the new activities with its own, Biesterfeld CEO Thomas Arnold said the distributor is strengthening and expanding its competencies. Together with GME, it will drive forward its strategy of continuous expansion in Asia to jointly develop further markets and segments for its technically complex and consulting-intensive products and services portfolio.
Philip Chew, managing director and shareholder of GME Chemicals, added that by combining the Singapore company’s knowhow with that of Biesterfeld, “we can jointly and significantly expand the solution portfolio for customers in Asia and accelerate the growth of our suppliers in our markets.”
Author: Dede Williams, Freelance Journalist
