KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem) has entered into a sale and purchase agreement to acquire 100 per cent stake in Da Vinci Group BV from its shareholders including funds managed by Bencis Capital Partner for 163 million euro.
Da Vinci is a private-limited liability company, incorporated in the Netherlands with a global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
In a statement today, PetChem said the acquisition marks the company’s first foray into specialty chemicals via inorganic growth.
PetChem has recently announced its next chapter of growth focusing on future strategic positioning venturing into derivatives and specialty chemicals.
Managing director and chief executive officer Datuk Sazali Hamzah said the acquisition is a strategic entry point for PetChem’s specialty chemicals portfolio.
“The acquisition accelerates the realisation of PCG’s vision to create value by diversifying its product portfolio into differentiated and specialty chemicals.
“Da Vinci provides a compelling access into the growing silicones business. The acquisition enables PCG to enhance its competitive position in attractive end-markets such as personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region,” he said.