Chemanol buys Addar stake
Saudi firm Chemanol has signed a share purchase agreement to acquire an 84% stake in Addar Chemicals for $12.3 million in cash. This is contingent on meeting predefined performance indicators and achieving a targeted return on investment. The transaction is due to be completed on 31 March 2024.
The aim of the acquisition is to boost Chemanol’s market share in speciality chemicals and diversifying its product range. The company said that it would also reduce Addar’s production costs by integrating its services with its own. Chemanol will also provide raw materials to Addar and make some of Addar’s products in its own facilities.