Specialty chemicals distributor IMCD N.V. is set to acquire 100 percent of the Canadian and US specialty chemicals and ingredients distributor L.V. Lomas. The transaction is subject to customary regulatory review and is expected to close at the end of August 2017.
According to IMCD, L.V. Lomas is an “excellent fit” with the IMCD business model and immediately provides the company with a significant presence in Canada and a further enhanced position in the US.
Piet van der Slikke, CEO of IMCD, commented: “This is an important step in the further development of IMCD’s North America region, as it not only expands our geographical presence into Canada in all core markets, but also further strengthens our US organization and coverage.”
Established in 1960 and with activities at six locations in Canada and the US, including offices in Toronto (Head Office), Montreal and Vancouver, L.V. Lomas is one of North Americas leading distributors of specialty chemicals, ingredients and raw materials. It is distinguished by its experienced and qualified professionals that provide its customers with advanced technical support and market intelligence. In 2016, the acquired business of L.V. Lomas generated revenue of C$383m (US$305m) and realized a normalized EBITDA of C$18 million (US$14.3m) with approximately 280 employees.
With its asset light business model and long term relationships with leading global chemical and ingredient suppliers, L.V. Lomas is claimed to be an excellent fit with IMCD’s business model and strategy and significantly strengthens IMCD’s position in North America.
Rand A. Lomas, Chairman of L.V. Lomas added: “IMCD will enhance our ability to provide our customers with a more extensive specialty product portfolio and will further develop our depth of technical expertise and innovation. My family built L.V. Lomas over several decades into an organization driven by teamwork, innovation and a dedication to excellence in all that we do. This is a vision closely shared by IMCD and together we will become a market leader in North America for the sales, marketing and distribution of specialty chemicals and food and pharmaceutical ingredients.”
The acquisition will be paid from available cash and existing bank facilities.
Source: Food Ingredients First
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.