April 6, 2005 - Paramelt today announced to have acquired Honeywell’s European and Asian industrial wax activities based in Eupen (Belgium) and Suzhou (China).
The European acquisition will bring significant synergy to Paramelt’s packaging, food coatings, cosmetics and general industrial wax business. The product range is largely complementary and provides Paramelt with a strong position in the global tire and rubber market where the Honeywell products have a well established reputation. A range of products for communication and power cables were included in the deal.
The Belgian plant, which was started in 1969 by Astor Chemical Ltd., will continue to operate as Paramelt Belgium B.V.
The wholly owned Chinese plant, which was commissioned in 2001 and is situated in the modern Suzhou Industrial Park close to Shanghai, produces waxes for the tire and packaging industry. The acquisition supports Paramelt’s growth ambition in the Asia Pacific region and provides a local sourcing possibility to their European customers with production in Asia. The subsidiary will operate under the name of Paramelt Specialty Chemicals (Suzhou) Co. Ltd. It is Paramelt’s intention to expand into other specialty products in the near future. Paramelt has also taken over the sales office in Singapore.
With this acquisition Paramelt reaches a turnover of €110 million with 280 employees and 4 production facilities.
For further information please contact Steffen Osinga (tel +31.72.5750614).