Spanish ester producer I.Q. Lasem has been acquired by Nisshin OilliO Group, a Japanese supplier of plant and animal-based chemicals. Officials said the transaction helps Nisshin expand geographically and to enter new markets.
IQL provided information about the transaction in a written statement last week but declined to disclose the price. IQL, which is based in the Barcelona suburb of Castellgali, supplies esters for lubricants and cosmetics. It employs 40 people and has annual turnover of 30 million (U.S. $39.1 million).
The acquisition of I.Q. Lasems shares will enable Nisshin OilliO to build up a stronger international presence for one of its businesses in developmental stages – the fine chemicals department, IQL said.
Nisshin is based in Tokyo, employs approximately 1,000 people and records annual revenue of more than 3 million. Officials said its financial and technical resources should allow it to strengthen IQL. At the same time, Nisshin plans to use its Asian sales network to expand IQL sales in that region.
IQL said the acquisition will also allow it to develop more sophisticated esters to be used for lubricant base stocks and additives.