December 21 2017, David R Brown
US Vinmar acquires control of Turkish chemical distributor Veser Kimya
Vinmar, the Houston-based global chemical and plastics marketing and distribution company, has announced that it has acquired a controlling interest (90%) in Veser Kimyevi Maddeler, a specialty chemicals distributor in Turkey.
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Veser Kimya was founded in 1988 and is a leading Turkish distributor to global chemical suppliers including BASF, Huntsman, Kolb, Clariant, Givaudan and others. The company operates four warehouses in Istanbul, Izmir and Adana and its 2017 revenues are expected to exceed 200 million Turkish Lira (USD 50 million) in 2017. The company's sale was prompted by the death of the company's founder Ali Kırca earlier in the year.
For Vinmar, which has been in the Turkish market for more than 25 years, the acquisition marks its entry into specialty chemicals distribution, “an important step in expanding the company’s product and market segment diversification”, it said. In the US and Europe, Vinmar has built a strong distribution presence in polymers and is looking to build its capacity in the chemicals business.
About Vinmar International
Houston headquartered, Vinmar International is a global marketing and distribution company focused on feedstocks, plastics and chemicals that brings value to the world's leading producers and users of petrochemical products through tailored business solutions. Vinmar was founded in 1978 and achieved over $5 billion in annual revenues in 2016 through its network of 35 offices servicing more than 100 countries worldwide. Its product portfolio alcohols, aromatics, fibre intermediates, chlor-alkali, basic petrochemicals, solvents, plasticizers, oxo-alcohols and other intermediates. although its key strength is in ethylene and propylene derivatives.
Source(s): Vinmar Press Release