Tee Hai Chem, a Singapore-based specialty chemicals distributor, has sold a 51 per cent stake to German chemical distribution giant Brenntag for an undisclosed sum, according to a statement.
Tee Hai’s 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 2018, it reported total sales of approximately 110.8 million euros ($125.3 million).
After the transaction, the family behind Tee Hai Chem will become its minority shareholders. Brenntag will work with Tee Hai’s management to jointly operate the company.
“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,” said Anthony Gerace, Managing Director, Mergers & Acquisitions, Brenntag Group.
Founded in 1874, Brenntag operates a global network spanning more than 580 locations in 73 countries around the world. It generated sales of 12.6 billion euros (S$19.34 billion) in 2018.