IMCD Acquires Needfill to Strengthen Market in Korean Coatings and Building Materials Sectors

According to news from Seoul, South Korea, on September 27, IMCD announced that it has signed an acquisition agreement with Needfill, a Korean specialty chemicals distributor. IMCD Korea will acquire 100% of Needfill's shares to further enhance its market service capabilities in the field of Korean coatings and building materials.

It is understood that Needfill was founded in 1991 and maintains distribution cooperation relationships with many global specialty chemical suppliers. The downstream production plants it serves are distributed in the fields of coatings, inks, textiles, electronics and polymers. The company is headquartered in Seoul, has sales of approximately 26.2 billion won (18 million euros) in 2022.

Henri Kwon, Managing Director of IMCD Korea, said: "Looking ahead, the Korean coatings market has exciting growth potential. The addition of Needfill provides a strong addition to our coatings and construction business, enhancing our service range and portfolio." Kwon concluded: "We believe that Needfill's dedicated team will support our business expansion and strengthen our presence in the Korean market."

Chris Lee, CEO of Needfill, commented:"For over 30 years, Needfill has continued to evolve into a respected company. With IMCD's global network, expertise and unwavering commitment to sustainability, I am confident that this will significantly increase our growth potential. Needfill's talented team will also gain more opportunities and grow more fully in the development of IMCD."

It is reported that the acquisition transaction will be officially launched in the fourth quarter of 2023 after passing relevant reviews. IMCD is rapidly expanding on the road to becoming a global fine chemical products distribution group. In 2022, the company achieved revenue of 4.6015 billion euros. In recent years, IMCD has accelerated its expansion in the Asia-Pacific region, according to statistics, since 2021 to date, IMCD China has acquired 4 Chinese companies in succession. In addition to Shanghai Xierui, there are also Shanghai Yuanhe Chemical Co., Ltd., Aoke Chemical (Shanghai) International Trading Co., Ltd., and Weilai Huinan Group (China) Co., Ltd. and DICO are both agents for daily chemical raw materials and chemical industrial raw materials.