IMCD has announced that IMCD India has signed an agreement to acquire two business lines from CJ Shah & Company, a family-run chemical business based in Mumbai. The lines include cellulose acetate butyrate, coalescing agent, polyolefin polymers and other chemicals primarily for paints, coatings, adhesives and life sciences applications.
According to the company, the businesses serve a large group of customers with a portfolio of products alongside commercial, technical and laboratory support, and they generated approximately €25 million in revenue during the financial year that ended March 31, 2023.
“India has experienced rapid growth in automobile, construction and infrastructure, driving increased demand for coatings and adhesives. Acquiring these businesses strategically enhances our capabilities and product lines, positioning us as the market leader in coatings and construction,” said Narendra Varde, managing director, IMCD India and Bangladesh.
The closing of the transaction is subject to customary closing conditions.