03/14/2019 | Press release | Distributed by Public on 03/14/2019 01:13
Brenntag (WKN A1DAHH), the global market leader in chemical distribution, has signed an agreement to enter a 51/49 joint venture with Tee Hai Chem Pte Ltd ('TEEHAI'). The company headquartered in Singapore is a strategic market leader in providing supply chain solutions for materials, chemicals and services for the Life Sciences, Electronics manufacturing and Research & Diagnostics sectors in Singapore and Southeast Asia.
The product portfolio consists of raw materials, consumables as well as high purity specialty chemicals. Other products include research and diagnostics chemicals, chemical delivery systems and Maintenance, Repair and Operations supplies. In addition, the company offers customisable supply chain solutions including external warehousing.
Henri Nejade, Member of the Management Board of Brenntag Group and CEO Brenntag Asia Pacific: 'TEEHAI has a leading market position in Singapore with long lasting supplier and customer relationships. The location of its facilities in Singapore offers strategic advantages in proximity to customers, major ports and neighbouring growth markets.'
Anthony Gerace, Managing Director Mergers & Acquisitions at Brenntag Group: 'Brenntag considers the joint venture as an important step into the most attractive industry groups in Singapore and beyond. This is a great opportunity to foster growth for Brenntag into key markets primarily for pharma and semiconductors. Moreover, entering into the joint venture will allow us to further develop the company through realising synergies with the existing supplier and customer base of Brenntag in the Asia Pacific region.'
Mr. Han Koon Juan, Executive Director of TEEHAI: 'On behalf of my family, I am very pleased to welcome Brenntag as a significant shareholder in TEEHAI. We have built our business over the last five decades, and we look forward to growing even further with Brenntag as our partner. Our market leading capabilities combined with Brenntag's global reach will create unparalleled synergies that benefit our customers and business partners.'
In 2018, the business reported total sales of approximately 110.8 million EUR. Completion of the transaction is expected to occur in the course of the next weeks, subject to contractually agreed closing conditions.
Founded in 1966, TEEHAI is a strategic market leader providing transformative supply chain solutions, including the procurement, sales and distribution of materials and chemicals, and the provision of services for the Life Sciences, Electronics and Research & Diagnostics sectors in Singapore and Southeast Asia. Headquartered in Singapore, the company has a leading market position in the sectors that it operates in. The company provides end-to-end capabilities to customers, via its sales & distribution, supply chain solutions and workforce solutions offerings. TEEHAI owns two innovative, state-of-the-art facilities, including the largest purpose-built standalone GxP-compliant facility in Singapore and Southeast Asia for the life sciences industry, and the largest facility for high volume, fast turnaround logistics operations in Singapore for the electronics industry. More information about TEEHAI can be found on the company's website at www.teehai.com.