IMCD to Buy US Distributor E.T. Horn
Dutch specialty chemicals distributor IMCD is strengthening its presence in the US market following an agreement to buy E.T. Horn.
Based in La Mirada, California, Horn's business is focused on the coatings, construction, plastics, personal care, human food & nutrition, animal nutrition, nutraceuticals and other specialty segments. The distributor, which generated revenues of $276 million in 2017, mostly serves customers in the west and southwest regions of the US. It employs around 200 staff.
Marcus Jordan, president of IMCD Americas, said Horn is very good fit with its own US organization. “Our combined businesses are excellently positioned to achieve accelerated growth on a national US basis through our specialist market-focused teams,” he said.
The purchase price was not disclosed, but IMCD said it would fund the deal from available cash and existing facilities. The acquisition remains subject to the usual closing conditions and regulatory approval.
IMCD entered the US market in June 2015 with the purchase of an 80% stake in specialty chemicals distributor, MF Cachat, since renamed IMCD US. The Dutch group acquired the remaining 20% equity in March 2017.
Other acquisitions included Mutchler in the US and Puerto Rico in July 2016, Bossco Industries in the US in May 2017 and L.V. Lomas in Canada in September 2017.