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IMCD, a global leading distribution partner, formulator of speciality chemicals and ingredients, has signed an agreement to acquire 100% of the shares of the speciality distribution company Needfill Co., Ltd. in South Korea (“Needfill”).
Established in 1991, Needfill has long-standing partnerships with some of the leading global suppliers and serves the paint, coatings, inks, textiles, electronics and polymer markets. Needfill, based in Seoul, generated a revenue of approximately KRW26.2bn (ca. €18M) in 2022 and has 18 employees.
“As we look ahead, the coatings market in South Korea has an exciting growth potential. Having Needfill join us provides a strong addition to our coatings and construction business, enhancing both our range of services and portfolio,” said Henri Kwon, Managing Director of IMCD Korea. “We are confident that Needfill’s dedicated team will support our business expansion, reinforcing our presence in the Korean market,” concluded Kwon.
“Needfill has continuously grown, earning recognition as a respected company for over 30 years. With IMCD’s global network, expertise, and a strong commitment to sustainability, I’m confident that together we will significantly enhance our growth potential”, commented Chris Lee, CEO of Needfill. “My team has been a vital asset to the company, and I believe they will have even more opportunities to develop and maximise their potential with IMCD.”
The closing of the transaction is subject to customary closing conditions and is expected to take place in the fourth quarter of 2023.