Distributor IMCD has agreed to acquire Shanghai Syntec Additive and Shanghai Weike Additive, collectively known as Syntec, which provides technical and formulation services in China’s personal care, cosmetics and home care industries
“The personal care market is an integral part of IMCD China’s growth strategy,” said Andreas Igerl, managing director of IMCD China. “With this acquisition, we now can accelerate our growth momentum organically and through supplier expansion. The addition of a fully equipped laboratory in Shanghai will provide added value through formulation expertise to our customers.”
Terms were not disclosed but it is known that Syntec had sales of RMB 107 million RMB (€14.4 million) in 2020 and has 25 employees.
Earlier, IMCD’s Indonesian arm had acquired 70% of PT Megasetia Agung Kimia, with an agreement to buy the rest in 2025. Although Megasetia is mainly active in the life sciences, it is also active in personal care among other end uses. It has three laboratories, six offices and six warehouses across Indonesia.
