Petronas chemicals acquires Da Vinci Group
Last Update: 16/05/2019
KUALA LUMPUR, May 16 (Bernama) -- Petronas Chemicals Group Bhd is acquiring 100 per cent shares of Da Vinci Group B.V., making its first foray into speciality chemicals via inorganic growth.
Da Vinci Group B.V. is incorporated in the Netherlands with global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
Petronas Chemicals managing director and chief executive officer Datuk Sazali Hamzah said the acquisition accelerates the realisation of its vision to create value by diversifying product portfolio into differentiated and speciality chemicals.
“Da Vinci provides compelling access into the growing silicones business," he said in a statement on Thursday.
The acquisition also enables the group to enhance its competitive position in attractive end-markets.
These include personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region.