M&As: Ineos acquires titanium maker for US$245 mn; IMCD acquires South Korean firm

Ineos Enterprises has announced the acquisition of Eramet Titanium & Iron (ETA) from Eramet for US$245 million. The deal takes immediate effect, following the satisfaction of regulatory approvals. ETI consists of an ilmenite transformation plant in Norway producing titanium slag which is used in the pigments industry. It also produces high-purity pig iron sold to European foundries.

The business will be known as Ineos Tyssedal The agreement between Eramet and Ineos Enterprises also includes a long-term supply contract for ilmenite produced by Grande Côte Opérations (GCO), the group’s subsidiary which operates the mineral sands mine in Senegal.

Commenting on the acquisition, Ashley Reed, CEO Ineos Enterprises said “We are very pleased to acquire ETI from Eramet. This is a good quality asset, complemented by an experienced operations team. We believe the next phase of ETI’s development can be well progressed under Ineos ownership and further improve the long-term sustainability of the company.”

In other news, Dutch distribution firm IMCD has announced its acquisition of 100% of the shares of the speciality distribution company Needfill Co Ltd in South Korea.

Established in 1991, Needfill has long-standing partnerships with some of the leading global suppliers and serves the paint, coatings, inks, textiles, electronics, and polymer markets. Needfill, based in Seoul, generated a revenue of approximately EUR18 million in 2022 and has 18 employees.

"As we look ahead, the coatings market in South Korea has an exciting growth potential. Having Needfill join us provides a strong addition to our coatings and construction business, enhancing both our range of services and portfolio," said Henri Kwon, Managing Director of IMCD Korea. “We are confident that Needfill's dedicated team will support our business expansion, reinforcing our presence in the Korean market," concluded Kwon.

"Needfill has continuously grown, earning recognition as a respected company for over 30 years. With IMCD's global network, expertise, and a strong commitment to sustainability, I'm confident that together we will significantly enhance our growth potential,” commented Chris Lee, CEO of Needfill. "My team has been a vital asset to the company, and I believe they will have even more opportunities to develop and maximise their potential with IMCD."

The closing of the transaction is subject to customary closing conditions and is expected to take place in the fourth quarter of 2023.

(PRA)

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