MOSCOW (MRC) -- IMCD N.V. has announced that it has signed an agreement to acquire 100 % of the outstanding shares of Velox GmbH, a European distributor with a focus on raw material specialities and solutions for the plastics, composites, additives, rubber, and paints & coatings industries with headquarters in Hamburg, Germany, as per GV.
The transaction is subject to regulatory approval. Financial details were not disclosed.
Velox was established in 1993 and today has an extensive commercial network across Europe and long-standing relationships with global suppliers in the plastics, composites and other specialities markets. With approximately 225 employees in 18 countries, the company generated EUR 155 million revenue and a normalised EBITDA of EUR 5.4 million in 2017.
Piet van der Slikke, CEO of IMCD, commented: "This acquisition enables IMCD to further strengthen its position as distributor of speciality plastics and additives. Our portfolios very well complement each other, and we expect to be able to create more value for our suppliers and customers."
Francois Minec, General Manager of Velox added: "Joining IMCD will provide Velox with excellent opportunities to further develop and execute its strategy as a leading distributor to the plastics- and composite industries."
As MRC informed previously, in 2013, Arkema appointed Velox GmbH, Hamburg, Germany, as its exclusive distributor for the medical business development in Europe.
MRC