Petronas Chemicals buys Da Vinci for RM760.6m to venture into specialty chemicals

Petronas Chemicals Group Bhd made its foray into specialty chemicals via inorganic growth with the purchase of Da Vinci Group B.V.

KUALA LUMPUR: Petronas Chemicals Group Bhd made its foray into specialty chemicals via inorganic growth with the purchase of Da Vinci Group B.V.

It had on Thursday signed a sale and purchase agreement to buy 100% of Da Vinci from its shareholders including, amongst others, funds managed by Bencis Capital Partner. The purchase was 163mil euros (RM760.60mil)

The Netherland incorporated Da Vinci Group is a private-limited liability company with global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.

Petronas Chemicals recently announced its next chapter of growth focusing on future strategic positioning venturing into derivatives and specialty chemicals.

Its managing director/CEO Datuk Sazali Hamzah said the acquisition was a strategic entry point for its specialty chemicals portfolio. 

“The acquisition accelerates the realisation of Petronas Chemicals' vision to create value by diversifying its product portfolio into differentiated and specialty chemicals,” he said.

Sazali said the acquisition enabled Petronas Chemicals to boost its competitiveness in attractive end-markets such as personal care, construction, paints & coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region.