Industry News

Safic-Alcan Acquires ChemSpec and Chimsnab to Strengthen its Market Presence

Published on 2015-08-07. Author : SpecialChem

Paris-La Défense -- Safic-Alcan, a leading specialty chemicals distributor, acquires majority stakes in ChemSpec, Ltd., a US distributor focused on rubber and adhesives business, based in Akron (Ohio, USA) and has also acquired the distribution business of Chimsnab BG, a significant player in the chemicals distribution in Bulgaria. and adhesives business, based in Akron (Ohio, USA) and has also acquired the distribution business of Chimsnab BG, a significant player in the chemicals distribution in Bulgaria.

Safic Alcan
Fig. 1: Safic-Alcan Acquires ChemSpec and Chimsnab

ChemSpec’s acquisition allows Safic-Alcan to control 75% of ChemSpec, Ltd. “This transaction is in line with the strategic vision of the Group to expand geographically in North America while developing business on its own without any restriction”, stated Martial Lecat, CEO of Safic-Alcan.

ChemSpec, Ltd. was founded in 2003 by Dave Moreland. As President and minority shareholder, Mr Moreland will remain in place in the future organization. "We are extremely pleased with Safic-Alcan’s keen interest in ChemSpec, Ltd. and their vision for the North American market. The growth of ChemSpec, Ltd. is the result of our excellent supply base of quality manufacturers and service providers; partnerships with our many customers; and our dedicated employees. ChemSpec, Ltd. and Safic-Alcan hold the same core values in developing business relationships which will continue to serve us extremely well moving forward," said Dave Moreland.

ChemSpec, Ltd. has a portfolio of 190 active customers. Revenue forecast for 2015 is expected to exceed US$ 41million up from US$ 36 million last year. This further acceleration is based on the continuing development of new products, the lasting relationship with big customers in the USA and the decision of Safic-Alcan to fully use the sourcing capacity of its subsidiaries in China.

“ChemSpec, Ltd. will be used to support the development of cosmetics activity in North America due to be launched shortly. Extension of product range to coatings, plastics and active ingredients for pharmacy will also be planified at a later stage”, concluded Martial Lecat.

Safic-Alcan’s 2nd acquisition Chimsnab BG operates with 2 regional offices, in Sofia and Ruse. Strategically located on the Romanian border and near Serbia, Ruse will also be used as a regional logistics hub.

With a portfolio of 900 active customers, Chimsnab BG operates mainly in Bulgaria and has limited exports in the neighboring Balkan countries (2%). In 2014, revenues reached approximately € 9 million covering a wide range of products, from coatings and industrials to food and beverage, to life science and EPDM flooring. All the 18 employees have already been transferred to the new company.
“We see strategic opportunities to move into the specialty polymers business in Eastern Europe through the acquisition of well-implemented local partners who bring their know-how, their local environment and their markets. Acquiring an existing business saves us a lot of time compared with our alternative strategy of opening new subsidiaries in Eastern Europe.” concluded Martial Lecat.

About Safic-Alcan

Safic-Alcan, a French multinational distributor of specialty chemicals headquartered in Paris-La Défense (France), develops and provides a large range of polymers, materials and additives for the rubber, coatings, pharmaceuticals and cosmetics industries.

The Group is present in all major countries of the European Union, as well as in Turkey, and China with on-going strategic development in Eastern European countries

Safic-Alcan posted nearly 403 M€ of revenues in 2014. The company is led by Martial Lecat, Philippe Combette and Jean-Michel Guyon.

Source: ChemSpec

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