IMCD expands in India with acquisition of CJ Shah’s speciality chemical lines

IMCD N.V., a global leader in the distribution and formulation of speciality chemicals and ingredients, today announced that its subsidiary, IMCD India, has signed an agreement to acquire two business lines from CJ Shah & Company. These lines include products like Cellulose Acetate Butyrate, Coalescing Agent, Polyolefin Polymers, and other chemicals used primarily in the Paints, Coatings, Adhesives, and Lifesciences sectors.

Financial Performance and Employee Integration

The acquired business lines, with a team of 20 employees, reported a revenue of approximately INR 2,300 million (around EUR 25 million) in the financial year ending March 31, 2023. They offer a wide range of products and provide commercial, technical, and laboratory support to a large customer base.

IMCD India to Acquire Business Lines from CJ Shah & Company, Bolstering Coatings and Construction Portfolio. Photo courtesy of Business Wire India.

Strategic Enhancement in Indian Market

Narendra Varde, Managing Director of IMCD India & Bangladesh, highlighted the acquisition’s strategic importance. He pointed out that India’s rapid growth in sectors like automobile, construction, and infrastructure has spiked demand for coatings and adhesives, positioning IMCD as a market leader in these areas following the acquisition.

CJ Shah & Company’s Outlook on the Partnership

Apurva Shah, Managing Partner of CJ Shah & Company, expressed his delight in partnering with IMCD for the transfer of two of their business lines, wishing IMCD success in their future endeavors.

Expected Closing of the Transaction

The transaction’s closure is subject to customary closing conditions and is anticipated to occur in the last quarter of 2023. This acquisition is seen as a significant step for IMCD India in strengthening its market position and expanding its product offerings in the Indian chemical sector.