Specialty chemicals distributor and service provider Azelis reached agreements to buy two related distributors in India – Chemo India and Unipharm Laboratories – both of which provide ingredients for lubricants and metalworking fluids along with other applications.
Azelis, which is headquartered in Belgium, said the acquisitions will help it expand in India and the broader Asia-Pacific region.
A May 25 news release by Azelis did not disclose the price of the transactions but said it expects them to be completed by the end of this month.
Chemo India and Unipharm are both based in Mumbai and are operated by the Shah family. Dhirajlal Shah founded the companies in 1966 and 1970, respectively, and they are now run by the second generation; Amit Shah is owner of Chemo India and Jigar Shah owns Unipharma. The younger Shahs are will continue to manage the two businesses.
Azelis said both have large and growing customer bases. Chemo India imports and distributes chemicals for a wide variety of industrial applications, including polyalkylene glycols, corrosion inhibitors and biocides used in lubricants and metalworking fluids.
Unipharm also distributes imported specialty chemicals, focusing primarily on the pharmaceutical and personal care industries but also supplying ingredients for lubricants such as polyalkylene glycols.