Dutch distribution firm IMCD Group BV has bought resin distributor Paceco Industrial Supplies Pte. Ltd. of Singapore for an undisclosed price.
The acquisition demonstrates the importance of China and Southeast Asia in IMCD's growth and development strategy, officials said in an Aug. 19 news release.
“This new deal will greatly complement our plastics business in China and will provide a platform for further expansion in Southeast Asia,” IMCD Asia vice president Albert Stevens said in the release.
Paceco distributes engineering and specialty resins from locations in Singapore, Malaysia and China. The firm employs 28 and serves numerous markets, including consumer goods, toys and automotive. Paceco co-founder George Chong will remain as the unit's managing director.
IMCD — based in Rotterdam, the Netherlands — is a major distributor of specialty chemicals and food ingredients. The firm employs more than 1,200 worldwide and has annual sales of about $1.8 billion.