The south Korean subsidiary of IMCD will strengthen its position in the coatings and construction market with the acquisition of Needfill.
The international distribution partner, formulator of speciality chemicals and ingredients IMCD N.V. has recently announced that it has signed an agreement to acquire 100% of the shares of the speciality distribution company Needfill in South Korea.
Needfill was founded in 1991 and serves the paint, coatings, inks and polymer markets. The company is based in Seoul (South Korea), counts 18 employees and generated a revenue of approximately $19 million in 2022.
"As we look ahead, the coatings market in South Korea has an exciting growth potential. Having Needfill join us provides a strong addition to our coatings and construction business, enhancing our range of services and portfolio. We are confident that Needfill's dedicated team will support our business expansion, reinforcing our presence in the Korean market,” has stated Henri Kwon, Managing Director of IMCD Korea.
"Needfill has continuously grown, earning recognition as a respected company for over 30 years. With IMCD's global network, expertise and a strong commitment to sustainability, I am confident that together we will significantly enhance our growth potential. My team has been a vital asset to the company, and I believe they will have even more opportunities to develop and maximise their potential with IMCD," has concluded Chris Lee, CEO of Needfill.