IMCD Buys Matrix Ingredients

In its first acquisition of 2019, Dutch specialty chemicals and food ingredients distributor IMCD has bought Matrix Ingredients for an undisclosed sum.

The deal includes the food ingredients business of both Matrix Ingredients and Maxim Ingredients International in Singapore and Malaysia.

Established in 2002, Matrix provides ingredients, technical services and formulation advice in the savory and processed meat markets in Singapore and Malaysia. The company generated revenue of S$6.5 million in 2018.

“With Matrix Ingredients’ leadership position in the Singapore and Malaysian market, IMCD establishes a solid position in the fast-growing savory and processed meat segment. Together we are well positioned to deliver accelerated growth in the APAC [Asia-Pacific] region to our suppliers,” said Haiko Zuidhoff, IMCD’s vice president, Asia Pacific.

IMCD is funding the acquisition from available cash and existing facilities.

Last year, the Rotterdam-headquartered group made three acquisitions: Aroma in India; Velox in Germany; and E.T. Horn in USA.