International. Brenntag, a chemicals company, has signed an agreement to acquire TAT Group, a Singapore-based distributor for industrial chemicals.
The company's singapore facility covers supply chain requirements and value-added services, including modern blending, packaging, warehousing and logistics. Through its subsidiaries in Singapore, South Korea, Vietnam, Hong Kong and Indonesia, TAT offers its local and foreign customers a wide range of solvent and related products.
The business is expected to generate total sales of approximately €145 million in 2015. The closing of the transaction is expected to occur in the fourth quarter of 2015, subject to the approval of the shareholders of TAT's holding company and certain other closing conditions.
Steven Netherlands, CEO of Brenntag Group, said: "TAT has a strong market position and reputation, as well as high coverage in Southeast Asia, Hong Kong and South Korea. The acquisition is a significant complement and a significant investment in Brenntag's geographical and strategic position in Asia Pacific. TAT's distribution network serves a broad customer base in coatings, pharmaceuticals, plastics, electronics and other industries and will contribute to further enhancing Brenntag's relationships with its large global accounts as well as major suppliers."
