Univar said Thursday it had bought Kemetyl Industrial Chemicals, a division of Kemetyl Group based in Sweden, for an undisclosed sum to strengthen its position in the European, Middle East and Africa pharmaceuticals market.
Kemetyl is a distributor of chemical products, with a focus on the Nordic region, providing specialty chemicals.
"With the successful closing of this acquisition, Univar will enhance its brand, expand its leading position in the pharmaceutical market, and strengthen its expertise in water treatment in the Nordic region," Univar CEO Steve Newlin said in a statement Thursday.
Kemetyl Industrial Chemicals' sustainable products portfolio will strengthen Univar's value to its customers through synergies, Newlin added.
Univar, a global chemical products distributor with a market capitalization of $4.35 billion, is seeking to strengthen its European market share after rival distribution group Brenntag offered to acquire Quimitecnica.
Germany's Brenntag is seeking to expand its coverage in Portugal and Spain with the Quimitecnica deal.
This trend of acquisition is likely to continue and "especially in Latin America, which is proving to be the most attractive market, with the Asian market being too fragmented" a Univar source said Thursday.
Univar's press office could not be reached Thursday for further details on the value and time frame of the acquisition.
