PetChem completes acquisition of Da Vinci Group


KUALA LUMPUR: PETRONAS CHEMICALS GROUP BHD has completed the acquisition of Da Vinci Group BV after fulfilling the conditions required in the share purchase agreement to complete the acquisition of 100% of the share in Da Vinci.

In a statement yesterday, PetChem said Da Vinci is now its wholly-owned subsidiary following the completion of the acquisition.

PetCham managing director/CEO Datuk Sazali Hamzah said: “I am pleased that we have completed the acquisition of Da Vinci.”

“It provides a compelling entry point for PetChem to grow into silicones business and enhance its competitive position in attractive end-markets such as personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in Asia Pacific region, ” he said.

“Venturing into specialty chemicals beyond existing assets allows us to diversity our product portfolio and future-proof our business, ” Sazali said.

In May of this year, PetChem told Bursa it was buying Da Vinci Group BV for Euro163mil.

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


Energy , Oil & Gas

   

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