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Barloworld announces the acquisition of ICC

Published on 2004-03-26. Author : SpecialChem

 

Global industrial brand management group Barloworld (BAW) has announced the acquisition of 100% of International Chemical Corporation (Pty) Ltd (ICC) which is South Africa's leading decorative paint industry colorant producer.

It is reported that the purchase price was not disclosed.

According to Barloworld Coatings CEO André Lamprecht, this acquisition is the platform for the group to develop an international colorants business. He said that ICC will operate as a stand alone enterprise within Barloworld Coatings and will continue to supply and where possible, expand its South African paint companies' existing customer base.

It is reported that ICC will become a subsidiary of Longridge Colourant (Pty) Limited, which is in turn wholly-owned by Barloworld Investments (Pty) Limited. Also, Barloworld's Plascon South African business unit will have no managerial or financial involvement in ICC. Barloworld has confirmed that the relationship between ICC and Plascon will remain that of customer and supplier.

ICC currently has technical sales offices in Sydney and Shanghai and exports in excess of 50% of its Midrand factory's production.

It is also reported that the former owner of ICC, John Vadas will remain Managing Director for an initial three-month period after which a Barloworld appointment will be made.

Afterwards, he will stay as a director of the company and focus on strategic development projects along with the key customers.


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