Petronas Chemicals Group (PCG) has completed the acquisition of Da Vinci Group BV after fulfilling the conditions required in the share purchase agreement to complete the acquisition of 100% of the share in Da Vinci.
PCG has agreed earlier this year to buy the Dutch specialty chemicals firm for a reported €163m (US$182m).
In a statement Friday, Petronas Chemicals said Da Vinci is now its wholly-owned subsidiary following the completion of the acquisition.
PCG managing director/CEO Datuk Sazali Hamzah said: “Da Vinci provides a compelling entry point for Petronas Chemicals to grow into silicones business and enhance its competitive position in attractive end-markets such as personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in Asia Pacific region”.
“Venturing into specialty chemicals beyond existing assets allows us to diversity our product portfolio and future-proof our business,” Sazali said.
