Hamburg, Germany – The Biesterfeld Group has founded a joint venture with the takeover of the majority stake in Singapore-based polymer distributor GME Chemicals.
The JV is part of a long-term move by the German chemical and polymer distributor to fully acquire GME’s remaining shares over the next five years, said Biesterfeld in a 20 Oct statement.
According to the group, GME Chemicals is one of the leading distributors for speciality chemicals and polymers in south-east Asia.
The acquisition aligns with the German group’s strategy to for long-term growth in “one of the world's fastest growing regions to expand in their core business.”
GME Chemicals is active in the markets for performance and industrial chemicals, food, pharmaceuticals, elastomers and speciality polymers.
Among other products, the company supplies a portfolio of elastomers, including TPV, TPU, TPE, POE, PBE, EDPM, NBR and fluoroelastomers, to a wide range of industries, including automotive, healthcare and oil & gas.
Founded in 1999, the company has subsidiaries in Malaysia, Indonesia, Vietnam, Thailand and China and has 60 employees.
“Asia is an important growth market and of strategic importance for us,” said Dirk Biesterfeld, chairman of the supervisory board of Biesterfeld AG.
The group, he went on to say, intends to “significantly increase” its market presence in the region with the 'excellent addition' GME Chemicals.
“The core business of Biesterfeld is technically demanding and advice-intensive products and services,” explained Thomas Arnold, CEO of Biesterfeld AG.
By acquiring GME Chemicals, he noted, the company is strengthening and expanding its competencies in Asia.
The parties have agreed not to disclose details of the transaction.