Brenntag strengthens South Korean footprint with the acquisition of specialty chemicals distributor, Whanee Corporation
April 29 2016, David R BrownTweet
Brenntag has signed an agreement to acquire the South Korean specialty chemicals distributor Whanee Corporation, based in Gwacheon, near Seoul. The company mainly serves the domestic South Korean market with a wide range of food and beverage ingredients with a focus on dairy, functional and flavor related products.
South Korea's market is considered to offer significant opportunities for Brenntag Asia Pacific in the centre of Northeast Asia where South Korea is home to world-class chemical companiesAnthony Gerace
Managing Director Mergers & Acquisitions at Brenntag Group
Henri Nejade, Member of the Board of Management of Brenntag Group and CEO Brenntag Asia Pacific: “The acquisition facilitates Brenntag Asia Pacific's market entry in South Korea with specialty chemicals distribution business subsequent to our acquisition of TAT Group, with which we entered the South Korean industrial chemicals market in December 2015. At the time of the signing of this acquisition, we also established Brenntag Chemicals Korea, which is comprised of the industrial and specialty chemicals business operating in the segments Lubricants, Personal Care, Coatings and Home Care. Both operations now set a solid footprint of Brenntag in South Korea to further support our business partners and to execute our strategy in the country.”
Brenntag believe Whanee offers access to a solid local customer base including key players in the dairy food and beverage industry. In addition, the company has a reputable international supplier base, partially with exclusive rights to import and sell the supplier's products in the domestic market. “Overall, South Korea's market is considered to offer significant opportunities for Brenntag Asia Pacific in the centre of Northeast Asia where South Korea is home to world-class chemical companies. The country's local food and beverage market has experienced strong growth rates over the past years, and we believe this trend will continue and we are excited about improving our market position”, says Anthony Gerace, Managing Director Mergers & Acquisitions at Brenntag Group.
The acquired business generated sales of 16.8 million EUR in the financial year 2015. The closing of the transactions will occur in the course of the next weeks.
Brenntag, the global market leader in chemical distribution, connects chemical manufacturers and chemical users and covers all major markets with an extensive product and service portfolio. Headquartered in Mülheim an der Ruhr, Germany, the company operates a global network with more than 530 locations in 74 countries. In 2015, the company, which has a global workforce of more than 14,000 employees, generated sales of EUR 10.3 billion (USD 11.5 billion). Brenntag. The company supports its customers and suppliers with tailormade distribution solutions for industrial and specialty chemicals with over 10,000 products and a world-class supplier base. This includes specific application technology, an extensive technical support and value-added services such as just-in-time delivery, product mixing, formulation, repackaging, inventory management and drum return handling. Long-standing experience and local excellence in the individual countries characterize the global market leader for chemical distribution.
Source(s): Brenntag Press Release
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