KLK Oleo has entered into a definitive agreement to acquire a controlling stake in Temix Oleo, an Italian manufacturer of esters.
Headquartered in Milan, Temix Oleo has a production plant in Calderara di Reno (Bologna) and employs around 100 people, with a turnover of €150m ($158m) in 2022.
Temix Oleo’s esters are mainly based on renewable feedstocks, and the company supplies the cosmetic, lubricant, ceramic, coating, rubber and plastics industries.
The transaction is expected to be completed by April, subject to regulatory approval and customary closing conditions.
KLK Oleo is the manufacturing division of KLK, a leading international plantations group listed on the Malaysia stock exchange with a market capitalisation of approximately €4.8 billion as of September 2022.
“Temix Oleo outstanding reputation is built on their customer-centric and high-quality service business model. We are excited to welcome the Temix Oleo team and their excellent product portfolio to be part of the group of KLK,” said Sriganesh Mathur Subramanian, Managing Director, KLK Emmerich.
Temix Oleo managing director Roberto Cella added: “This acquisition is an opportunity for Temix Oleo to continue to grow, in product portfolio and geographic areas, with focus on sustainability and innovation. Being part of the KLK Group, employees can look forward to a bright future.”