IMCD N.V. has signed an agreement to acquire 100% of the shares of Parkash DyeChem, one of India’s leading distributors of speciality chemicals, serving the coatings and construction segments.
Established in 1988 and headquartered in Delhi, India, Parkash DyeChem is an asset light speciality chemical distributor with around 60 employees. The company generated a revenue of approximately INR 2,5 billion (ca. EUR 30 million) in the financial year that ended on March 31, 2022.
“India is experiencing significant growth opportunities in building structures as well as in printing inks and packaging with an emerging demand for sustainable solutions. Joining forces with Parkash DyeChem, a leader in distribution of speciality chemicals to these industries, will expand IMCD’s footprint and help us improve our market position,” said Frank Schneider, Business Group Director IMCD Coatings & Construction.
“We are delighted to become a strategic addition to IMCD India, with their strong global presence in speciality chemicals and similar mindset it perfectly synergises with Parkash DyeChem” said Naresh Arora, Founder of Parkash DyeChem. “The combination of IMCD and Parkash DyeChem is an exciting opportunity to reshape the coatings and construction, personal care and advanced materials industries in a manner that will be beneficial for our customers and global partners,” said Chirag Arora, Director of Parkash DyeChem.
The closing of the transaction is subject to customary closing conditions and is expected to take place in December 2022.