GTM Holdings acquires Mexico's High Chem Specialties
Latin American company GTM Holding has acquired a majority stake in Mexican chemical firm High Chem Specialties.
The deal is expected to close in the third quarter of this year, with the terms having not been disclosed.
Established in 2002, High Chem Specialties distributes specialty chemicals within the domestic market and also offers a wide range of services to graphic arts, construction, coatings, plastics and adhesives industries.
With this acquisition, GTM looks forward to strengthen its position and enhance its capabilities in Mexico and the rest of Latin America.
The acquisition is also part of GTM's strategy to offer a wide range of products and services to its clients.
GTM chairman and chief executive officer Michael van Marle said: "The acquisition of High Chem Specialties supports our vision of creating a leading regional platform for GTM's integrated and innovative solutions and services in the Americas.
"In addition to expanding our footprint with more service centres in Mexico, High Chem Specialties has an expertise in application and formulatory services that can be applied to other markets where GTM has a presence."
Last year, the Mexican chemical company registered a sale of around $40m.
High Chem Specialties president and managing director Eduardo Salinas said: "For more than 20 years, our dedicated employees have worked to build a business that represents quality service in Mexico.
"As we look ahead to the future, it is clear that GTM will provide a platform that will allow us to focus on the success of our customers, create growth opportunities for our suppliers and employees and implement our expansion plans into other regions and industrial sub-sectors.
"I am excited to partner with GTM to continue to grow this leading distribution company."