Univar Solutions Announces Agreement with Zhuhai Techi Chem Silicone Industry Corporation
Univar Solutions Inc. (NYSE: UNVR) announced an agreement to acquire Zhuhai Techi Chem Silicone Industry Corporation to enhance distribution of specialty silicone solutions for the coatings, adhesives, sealants, and elastomers market in China. The acquisition is expected to close in mid-December 2020. This strategic move aims to leverage Techi Chem's strong industry relationships and Univar's global expertise to better serve customers and expand product offerings in the Chinese market.
- Acquisition expected to enhance market presence in China.
- Leverages Techi Chem's strong industry relationships.
- Aligns with Univar's strategy for innovation in the CASE market.
- None.
DOWNERS GROVE, Ill., Nov. 30, 2020 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a global chemical and ingredient distributor and provider of value-added services, announced today that its wholly owned subsidiary, Univar Solutions China Co. Ltd., has reached an agreement with Zhuhai Techi Chem Silicone Industry Corporation ("Techi Chem") to acquire the business to distribute innovative specialty silicone solutions used primarily for the coatings, adhesives, sealants, and elastomers (CASE) market. The agreement is expected to close in mid-December.
This agreement aligns to the Company's global approach to its dedicated end market verticals as it provides new opportunities for growth by further positioning Univar Solutions to bring differential value to customers and suppliers within the CASE market. With a focus on offering innovative solutions to meet market needs and trends, Univar Solutions intends to deliver a consistent global approach across key industries through a worldwide footprint of industry-leading capabilities, technical Solution Centers and market knowledge, as well as a premier line of products and comprehensive solutions.
"Univar Solutions has the capability to consistently provide our suppliers and customers with added value services to assist in their pursuit of growth and we are very excited to add the depth and breadth of Techi Chem's leading specialty silicone solutions within the China marketplace," said Nick Powell, president, Specialty Chemicals and Ingredients and president EMEA & APAC for Univar Solutions. "Our customers throughout China will benefit from Techi Chem's strong relationship with the leading global silicone supplier as well as Univar Solutions' global silicone expertise and network of technical Solutions Centers that will provide comprehensive solutions for the Chinese market."
Founded in 2001, Techi Chem is known for its value-add solutions and logistics footprint that is well suited for the China market. With well-established relationships throughout the industry, Techi Chem is a trusted source for silicone solutions and related technologies.
"Techi Chem's relationships and expertise will benefit our customers in China and throughout the region," said Myron Li, general manager of Asia Pacific for Univar Solutions. "We look forward to expanding our products and industry solutions for the China market. With this agreement, Univar Solutions is better positioned to serve South China and fulfill its vision to redefine distribution and be the most valued chemical and ingredient distributor on the planet."
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and North American sales force, unparalleled logistics know-how, deep market and regulatory knowledge, world-class formulation and recipe development, and leading digital tools the company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. Univar Solutions is committed to helping customers and suppliers innovate and grow together. Learn more at UnivarSolutions.com.
Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and outlook for the future, which are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the impacts of the effects of COVID-19 on the Company, the Company's anticipated future results and financial performance, liquidity position and cash flows, actions regarding expense control and cost reductions, expected net synergies from the Nexeo acquisition, capital expenditures and other statements regarding the Company's Streamline 2022 Program and other initiatives. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the sustained geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers and the timing and extent of an economic recovery; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo, or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company's filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek, "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
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SOURCE Univar Solutions Inc.
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