Samyang buys specialty chemical maker Verdant for $257 mn
Mi-Sun Kang
Dec 18, 2023 (Gmt+09:00)
Samyang Holdings CEO Uhm Tae-woong (left), Matthias Gundlach, managing director of OpenGate Capital, owner of Verdant, on Dec. 15 (Courtesy of Samyang) Samyang Specialty Solutions LLC, a leading chemical and food products maker in South Korea, has entered into an agreement to wholly acquire Texas-based Verdant Specialty Solutions Global Holding Corp. for 334 billion won ($257.4 million).
The Korean company’s holding firm Samyang Holdings Corp. signed a contract to buy a 100% stake in Verdant on Dec. 15, according to Samyang’s regulatory filings on Monday.
Samyang said the purpose of the acquisition is to strengthen its global surfactants business.
Verdant, formerly known as Solvay SA’s North American and European amphoteric surfactant unit, manufactures chemicals for personal care products, industrial applications and energy like oil and gas.
The US company supplies specialty chemicals to around 1,000 global clients including consumer goods giant Unilever plc and personal care behemoth L'Oréal S.A. It operates manufacturing facilities in the US, the UK and Germany.
The Korean firm began a specialty chemical business for personal care goods in 2017 with an acquisition of a 44.25% stake in local chemical material maker KCI Ltd. for 70.9 billion won.
Samyang expects Verdant’s product portfolio, which focuses on low foam and nonionic wetting agents, to create synergy effects with the existing business of KCI that specializes in cationic surfactants, industry insiders say.
Founded in 1924, Samyang Group operates four major businesses – food materials, specialty chemicals, bio and polyethylene terephthalate (PET) packaging.
The mid-sized conglomerate is planning to boost manufacturing materials for healthcare goods, chip and batteries and eco-friendly products like biodegradable plastics.
The purchase of Verdant will be the company's first action point to change and enrich consumers’ lives with specialty materials and solutions, Samyang Holdings Chairman Kim Yoon said.