by TMR/ pic by MUHD AMIN NAHARUL
PETRONAS Chemicals Group Berhad (PCG) has completed the acquisition of Da Vinci Group B.V. (Da Vinci) after fulfilling the conditions required in the share purchase agreement.
The company said with the completion of the acquisition, Da Vinci becomes PCG’s wholly-owned subsidiary with immediate effect.
“This acquisition marks PCG’s first foray into specialty chemicals,” the company said in a statement.
Da Vinci is a private limited liability company incorporated in the Netherlands. It has global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
“I am pleased that we have completed the acquisition of Da Vinci. It provides a compelling entry point for PCG 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 the Asia Pacific region,” said PCG MD and CEO Datuk Sazali Hamzah (picture) said in a statement today.
“Venturing into specialty chemicals beyond existing assets allows us to diversify our product portfolio and future-proof our business,” he said.
PCG signed the the sale and purchase agreement to buy 100% of Da Vinci from the shareholders for 163mil euros in May this year.
The acquisition would allow PCG 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.