The transaction is set to close by Oct. 31 at the earliest.

Welex focuses on industries such as coatings and inks, textiles, additives for specialty compounding and agrochemicals. It generated revenue of roughly €39 million in 2021 and has 68 employees across offices in Hong Kong, Beijing, Shanghai, Guangzhou and Qingdao, as well as a coatings and agrochemicals application laboratory.

“The addition of Welex opens the door for us to diversify our coatings, paint and ink business, enter the fast-growing agrochemical market and develop into the highly valuable specialty compounding application. In particular, we gain the geographical expansion across China with a strong presence in the Southern part,” said IMCD China’s managing director Andreas Igerl.

In December 2021, IMCD China bought Chinese company Syntec, bolstering its position in the personal care and cosmetics sector.

Author: Elaine Burridge, Freelance Journalist