IMCD Strengthens India Presence with Parkash Buy
23.11.2022 - IMCD has agreed to buy Parkash DyeChem, a leading Indian distributor of specialty chemicals for construction and printing inks. Financial terms of the deal, which is expected to close next month, were not revealed.
Headquartered in Delhi with offices in Mumbai, Chennai, Kolkata, Hyderabad and Ahmedabad, Parkash DyeChem serves the coatings, construction, personal care and advanced materials markets. It has about 60 employees and generated revenue of approximately €30 million in the financial year ending Mar. 31, 2022.
“India is experiencing significant growth opportunities in building structures, as well as in printing inks and packaging with an emerging demand for sustainable solutions. Joining forces with Parkash DyeChem, a leader in distribution of specialty chemicals to these industries, will expand IMCD’s footprint and help us improve our market position,” said Frank Schneider, business group director for IMCD Coatings & Construction.
The acquisition is the latest in a string of deals for IMCD in recent months. In October, the Dutch group announced the purchase of Sanrise, a leading Chinese distributor to the personal care market, also adding Japan’s Kuni Chemical in September. The Osaka-based company specializes in industrial applications that range from coatings and construction to automotive and packaging materials.
In August, IMCD entered into an agreement to buy PromaPlast in Mexico and the US, while in June it agreed to take over China’s Welex, which focuses on industries covering coatings and inks, textiles, additives for specialty compounding, and agrochemicals.
Author: Elaine Burridge, Freelance Journalist