KUALA LUMPUR, May 17 — Petronas Chemicals Group Bhd (PetChem) is making its foray into specialty chemicals with the purchase of Da Vinci Group BV.
PetChem has agreed to acquire 100 per cent stake worth €163 million (RM760 million) in the group from its shareholders including funds managed by Bencis Capital Partner
Da Vinci is a Netherland-incorporated private-limited liability company with global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
Managing director and chief executive officer Datuk Sazali Hamzah said the acquisition marks a strategic entry point for PetChem’s specialty chemicals portfolio.
PetChem has recently announced its next chapter of growth focusing on future strategic positioning venturing into derivatives and specialty chemicals.
“The acquisition accelerates the realisation of PCG’s vision to create value by diversifying its product portfolio into differentiated and specialty chemicals,” said Sazali.
Sazali said the acquisition enabled Petronas Chemicals 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.