Brenntag Takes all of Chinese Distributor
German-based global chemical distributor Brenntag plans to acquire all outstanding shares in Chinese distributor Zhong Yung (International) Chemical, in which it acquired the controlling 51% stake in 2011. Since then, the Chinese company, “with a significant presence across the mainland of China and modern equipped distribution facilities in Beijing, Tianjin, Shanghai and Guangzhou, has demonstrated a positive development,” Brenntag said.
During the five years of cooperation with the local partner, “we saw a successful development of the business, strengthening Brenntag’s footprint in the Asia Pacific region,” Henri Nejade, managing board member of the German distributor and CEO Brenntag Asia Pacific, said. He called Zhong Yung “an excellent base for strong future growth in China for our existing business and an ideal platform for further acquisitions.”
The Chinese industrial chemical distributor with laboratories, blending and storage capabilities is focused on the expansion in the fields of storage, distribution and value-added services, said its board chairman, Ni Jianzhong, who in future will be chairman of Brenntag’s board of directors of in China.