PetChem makes entry into specialty chemicals

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KUALA LUMPUR (Sept 13): Petronas Chemicals Group Bhd (PetChem) has completed the acquisition of Dutch firm Da Vinci Group BV, marking PetChem's maiden entry into specialty chemicals.

With the completion of the acquisition, Da Vinci is now a wholly-owned subsidiary of PetChem. Da Vinci is involved in own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.

In a statement today, PetChem managing director and CEO Datuk Sazali Hamzah said the acquisition of Da Vinci provides a compelling entry point for PetChem to grow into silicones business and enhance its competitive position in attractive end-markets such as personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in Asia-Pacific.

"Venturing into specialty chemicals beyond existing assets allows us to diversify our product portfolio and future-proof our business," he added.

PetChem shares were down 10 sen or 1.33% to close at RM7.41, bringing a market capitalisation of RM59.28 billion.