Family owned Dutch logistics company Den Hartogh is to acquire the UK’s Interbulk, creating the world’s third largest provider of logistic services to the chemical industry.

The boards of both companies have agreed the transaction which sees Den Hartogh paying 9 pence for each InterBulk share, valuing the company (excluding net debt) at around £42.1 million ($61.8 million).

Den Hartogh said the merger, which is expected to close during the first quarter of 2016, would create a stronger, global organization with an enhanced service portfolio providing significant operational benefits to customers.

The company added that InterBulk’s significant global footprint would enable it to accelerate its international strategy in important growth markets such as China and the US. Pieter den Hartogh, group managing director of Den Hartogh, said scale and global reach were increasingly important success factors.

In particular, Den Hartogh expected to be able to benefit from InterBulk’s relationship with Sinotrans, one of China’s largest logistics companies.

The combined company will have almost 1,600 employees located in offices across 23 countries. It will continue to trade as Den Hartogh, and retain its headquarters in Rotterdam, the Netherlands.

This latest deal follows Den Hartogh’s acquisition of Belgian Sitra-Group’s bulk liquid chemical assets announced on Dec. 1, 2015.