KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) has completed the acquisition of 100 per cent stake in Da Vinci Group BV, widely known as BRB, marking the firm's first foray into specialty chemicals.
This is after PCG fulfilled the conditions required in the share purchase agreement to complete the acquisition.
With this, Da Vinci has become PCG's wholly-owned subsidiary with immediate effect.
PCG managing director/chief executive officer Datuk Sazali Hamzah said the acquisition provides a compelling entry point for PCG to grow into silicones business and enhance its competitive position in attractive end markets.
These include personal care, construction, paints and coatings, electronics, automotive and healthcare. particularly in the Asia Pacific region.
"Venturing into specialty chemicals beyond existing assets allows us to diversify our product portfolio and future-proof our business", he said in a statement.
Da Vinci is a private limited liability company, incorporated in the Netherlands with global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.