IMCD N.V., a distributor of specialty chemicals and ingredients, announced it will acquire the specialty distribution company, Welex S.A. Holdings (China) Limited and certain related business.
According to IMCD, Welex represents a wide range of suppliers, providing its customers with an extensive portfolio supported by technical and logistical services. Welex focuses on industries covering coatings and inks, textiles, additives for specialty compounding, and agrochemicals.
Welex generated a revenue of approximately HKD 322 million (USD $41 million) in 2021 and has 68 employees in offices in Hong Kong, Beijing, Shanghai, Guangzhou and Qingdao. IMCD says Welex adds a coatings and agrochemicals application laboratory to its global network of technical centers.
“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 speciality compounding application,” said Andreas Igerl, managing director of IMCD China. “In particular, we gain the geographical expansion across China with a strong presence in the Southern part. This is an important milestone for us as we continue our growth momentum with the diversification of our business.”