IMCD China Adds Muscle in Personal Care
IMCD China, part of Netherlands-headquartered globally active specialty chemicals distributor IMCD, has agreed to acquire all of Chinese personal care company Syntec to bolster its position in the personal care and cosmetics sector. Closing of the transaction, for which financial terms were not revealed, is planned to take place within the next five weeks.
The Chinese company founded in 2003 reported sales of around 107 million RMB (€14.4 million) in 2020. With its two units, Shanghai Syntec Additive and Shanghai Weike Additive, it provides market, technical and formulation expertise in China's personal care, cosmetics, and home care industries.The personal care market is an integral part of IMCD China’s growth strategy, and with the acquisition managing director Andreas Igerl said the company can now accelerate its growth momentum organically and through supplier expansion. The addition of a fully equipped laboratory in Shanghai will provide added value through formulation expertise to customers, he added.
With the acquisition by IMCD, Syntec’s founder and general manager Owen Yu said his company will be able to tap into IMCD’s global network and resources to gain sustainable development and progression in the personal care market.
The Dutch distributor has been building up a presence in China in recent months. In June, it acquired Shanghai Yuanhe Chemicals, a distributor of specialty coatings, textile and ink solutions, boosting its Chinese position in the pharmaceutical, food and nutrition, plastics and personal care industries. In October, it agreed to buy Aquatech Speciality (Shanghai) International Trading and Aquatech Speciality (Guangzhou) Trading.
Author: Dede Williams, Freelance Journalist
