Brenntag (ISIN DE000A1DAHH0), the global market leader in chemicals and ingredients distribution, acquires all operating assets and business of Matrix Chemical, LLC ('Matrix'). The company is a solvents distributor and the largest distributor of acetone in North America with sales of around USD 200 million year to date in 2021.
Steven Terwindt, Member of the Management Board of Brenntag SE and COO Brenntag Essentials, comments: 'With the acquisition of Matrix we create a highly reliable and competitive logistics network for acetone and solvents in North America that allows us to take advantage of market opportunities and to deliver a variety of core products to our customers more efficiently, economically and in a more sustainable manner. Overall, we expect significant operating synergies by leveraging Matrix's supplier relationships, logistics network and bulk storage capacity in combination with Brenntag's existing North American infrastructure and outbound logistics.'
The company distributes acetone and other solvents to customers throughout the United States and Canada. These products are used in various industries such as personal care, adhesives, and the paint and coatings industry. Matrix operates storage tanks at bulk terminals in Houston (Texas), Chicago (Illinois), Vanport (Pennsylvania), and Wilmington (North Carolina).
Anthony Gerace, Managing Director Mergers & Acquisitions at Brenntag SE, on the strategic opportunities of the acquisition: 'Matrix and its terminals in the United States perfectly complement our existing network in the region. The acquisition is strategically aligned with our growth strategy in North America as it creates substantial additional acetone capacity in key geographic areas at advantaged barge economics. The combined network will improve our geographic coverage and operating efficiency and allow us to better serve our customer and supply partners alike.'
Closing and signing of the acquisition occurred simultaneously.
Brenntag AG published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 08:11:07 UTC.