Dubai: Brenntag, the world’s largest chemicals distributor, has bought a 51 per cent stake in Dubai-based distributor Trychem from sole shareholder Tristar Transport for an undisclosed sum.
Trychem is a regional distributor of solvents for paint, ink and coating industries in the UAE, Saudi Arabia, Bahrain, Oman, Egypt and East Africa.
Tristar, a chemical logistics company based in Jebel Ali, is retaining the remaining 49 per cent stake in Trychem, according to an emailed statement from Tristar.
Karsten Beckmann, Brenntag Europe, Middle East and Africa Chief Executive, stated the acquisition is an “excellent platform” for its regional expansion plans.
“We see sizeable growth potential in the partnership,” he stated.
Carl Blomme, Brenntag Regional President for Europe West, Middle East and Africa, stated there are plans to increase the existing commodity business and to develop speciality chemicals for specific markets.
Last week, Germany-based Brenntag reported a 31.2 per cent increase in second quarter net-profit. The company’s quarterly earnings attributable to shareholders were 107.2 million euros over the three months to June 30.
Tristar acquired Trychem from Emirates National Oil Company (Enoc) in 2013. The company was previously branded as Enoc Chemicals.