IMCD Acquires China’s Shanghai Sanrise
Dutch specialty chemicals and ingredients distributor IMCD has entered into an agreement to buy China’s Shanghai Sanrise Industries & Development. Financial terms were not disclosed.
The transaction will take place in two tranches, with Rotterdam-based IMCD initially acquiring 70% of Sanrise’s share capital, followed by the remaining 30% in 2025. The founders of Sanrise will continue to lead the company once the first tranche is completed, expected during the first quarter of 2023.
Headquartered in Shanghai, Sanrise is one of China’s leading distributors to the personal care markets. It has approximately 60 employees and generated revenue of about €90 million in 2021.
“The acquisition will provide IMCD with a comprehensive portfolio from leading global suppliers and elevate our technical expertise with the addition of a fully-equipped technical center, putting us in a strong position in the Chinese market,” said Andreas Igerl, president of IMCD Asia. “This is a significant milestone to accelerate our growth momentum by complementing our existing life science portfolio and business.”
In separate news, IMCD announced that it has appointed Jean-Paul Scheepens as president of its US operations with effect from Nov. 1.
A dual citizen of the US and the Netherlands, Scheepens previously held leadership positions at Avient, PolyOne, PPG and AkzoNobel. He will be based in the Greater Cleveland headquarters of IMCD US.
Author: Elaine Burridge, Freelance Journalist
