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IMCD NV, a leading distributor of speciality chemicals and foodingredients, has signed an agreement to acquire100% of the outstanding shares of Velox GmbH, a group of companieswith its headquarters in Hamburg, Germany.
With an extensivecommercial network across Europe and its long-standing relationships with global suppliers in the plastics, composites and other specialities markets, Velox is anexcellent fit with IMCD’s existing operations.
The transaction is subject to regulatory review.
Velox was established in 1993 and is a European distributor with a focus on specialities forthe plastics, composites, additives, rubber, paints and coatings industries.
Withapproximately 225 employees in 18 countries, Velox generated €155M in revenueand a normalised EBITDA of €5.4M in 2017.
Piet van der Slikke, CEO of IMCD, commented: "This acquisition enables IMCD to furtherstrengthen its position as distributor of speciality plastics and additives.
"Our portfolios verywell complement each other and we expect to be able to create more value for oursuppliers and customers.”
Francois Minec, General Manager of Velox added: "Joining IMCD will provide Velox withexcellent opportunities to further develop and execute its strategy as a leading distributorto the plastics and composite industries.”
The acquisition will be paid from available cash and existing bank facilities.