IMCD Expands in South Africa with CPS Oil-Tech Buy
IMCD South Africa has agreed to buy CPS Chemical Oil-Tech, a Durban-based distributor that mostly serves the lubricants and fuel markets. The transaction is expected to close in the second quarter of 2023.
CPS Oil-Tech has eight employees and generated revenue of roughly €12 million in the fiscal year ending Feb. 28, 2022. The company supplies raw materials to the petroleum, additive, grease manufacturing and other related industries.
“Joining forces with CPS Oil-Tech will enable IMCD South Africa to offer its customers an increased product offering, through the valued strategic principals that CPS Oil-Tech already represents,” said IMCD South Africa’s managing director Ryan Harrison. “Furthermore, the business unit will become stronger due to the increased expertise and technical knowledge of its staff supporting our continuous efforts and ambitions to further expand within the Sub-Saharan Africa region.”
The deal is just the latest in a string of bolt-on acquisitions that IMCD has announced in the past several months, the most recent being India’s Parkash DyeChem and China’s Shanghai Sanrise Industries & Development last November.
Author: Elaine Burridge, Freelance Journalist
