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Samyang acquires U.S. chemical firm Verdant Specialty Solutions

Collected: 2023.12.19

Distributed: 2023.12.20

Source: Go Direct

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Samyang Holdings and OpenGate Capital hold a Verdant MIPA signing ceremony December 15. (From left to right) Eom Tae-ung, President of Samyang Holdings, and Matthias Gundlach, Managing Director of OpenGate Capital [Courtesy of Samyang Holdings]

As it gears up for its centennial anniversary in 2024, South Korea’s Samyang Holdings made strides in its global business expansion by acquiring an American chemical materials company. The conglomerate announced on Monday that it acquired the management rights for Verdant Specialty Solutions, headquartered in Houston, Texas, for about 330 billion won ($254 million).

Verdant is a sizable enterprise, boasting an annual revenue of around 300 billion won and supplying materials to global giants including Unilever and L’Oréal. The company’s main products are amphoteric surfactants for personal care products such as shampoos and fabric softeners, and non-ionic surfactants for industrial applications such as oil and gas.

The acquisition also aligns with Samyang Group’s overarching business strategies of nurturing high-value specialty operations and pursuing global expansion. The conglomerate previously ventured into the personal care specialty business by acquiring KCI in 2017. With the Verdant deal, Samyang anticipates strengthened operations in related sectors and a significant push for global market penetration.

Samyang Group foresees a synergy between Verdant’s product portfolio, which is complementary to KCI’s line-up and thus enhances mutual strengths without overlap.

Samyang Holdings Chairman Kim Yoon said he plans to continue driving initiatives such as mergers and acquisitions as well as joint ventures with global partners.

By Chung Seung-hwan and Minu Kim

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