August 13 2024, David R Brown
Manuchar acquires Proquiel Químicos to expand its position in Chile
Manuchar, a global distributor of chemicals with headquarters in Antwerp, Belgium, has reached an agreement to acquire a majority stake in Proquiel Químicos. This acquisition fits Manuchar's ambition to strengthen its leading chemical distribution platform and to broaden its product portfolio. The integration will take place once it is approved by the antitrust authorities.
The leadership of Manuchar worldwide and Proquiel in Chile, empowered by this alliance, will allow us to strengthen our position in the Chilean market
Eduardo Latorre
CEO of Proquiel Químicos
Founded in 1985 by Eduardo Latorre, Proquiel Químicos has established itself as a key player in chemical distribution, catering to diverse sectors including mining, water treatment, fertilizers, aquaculture, animal and human nutrition, home care, and industrial applications. The company offers a diverse product portfolio encompassing industrial chemicals such as Ammonium Sulphate, Bisphenol A, Calcium Propionate, Boric Acid, and Guar Gum, among others.
Philippe Huybrechs, CEO of Manuchar Group: “The partnership with Proquiel Químicos fits perfectly with our M&A strategy. Proquiel is a sophisticated and highly diversified business with exposures to attractive end markets. It is highly complementary to Manuchar's growth strategy in areas such as human nutrition, animal nutrition and mining related to renewable energy. Manuchar intends to take a leading role in the consolidation of the global chemical distribution landscape. We are happy to welcome Proquiel Químicos into our Manuchar Group”
Eduardo Latorre, CEO of Proquiel Químicos: “The leadership of Manuchar worldwide and Proquiel in Chile, empowered by this alliance, will allow us to strengthen our position in the Chilean market and expand our capabilities. This maintains our mission of being a reliable supplier that generates solutions according to customer needs with high quality standards, competitive values, and providing agile and timely service.”
The closing of the acquisition by Manuchar is expected to occur in Q4 2024, subject to approval by competition authorities. Following the closing of the acquisition, the company will enter a new phase, with Carlos San Martin and Claudio Reyes in the management team, led by Eduardo Latorre Salas, as general manager.
About Manuchar
Manuchar, a global leader with a workforce of 2,800 employees, operates from its headquarters in Antwerp, Belgium, managing an extensive chemical distribution network across North and Latin America, Africa, Europe, the Middle East, and Asia. Active in Chile since 2004, Manuchar runs its regional operations from its Santiago headquarters, supported by three additional offices and operational facilities. in 2023, Manuchar's chemical distribution business reported revenues of USD 1.6Bn.
Source(s): Manuchar Press Release
Further Information
Visit: https://www.manuchar.com