The deal is expected to help Toyo Ink Group to expand its regional business operations and acquire a majority share in the metal coatings market in the ASEAN canned food market
Toyo Ink signs share purchase agreement to acquire Thai Eurocoat. (Credit: TOYO INK SC HOLDINGS CO., LTD.)
Toyo Ink SC Holdings, the Japan-based parent company of Toyo Ink Group, and its consolidated subsidiary Toyo Ink (Thailand) have entered into a share purchase agreement to wholly acquire Thai Eurocoat.
Thai Eurocoat is a producer of external coatings for non-printed cans in the Thai canned food market.
Upon the transfer of shares, the metal coatings producer will retain its name and operate as a business unit of Bangkok-based Toyo Ink Thailand.
The deal is expected to help Toyo Ink Group, a speciality chemicals company, to expand its regional business operations and acquire a majority share in the metal coatings market in the ASEAN canned food market.
The Toyo Ink Group plans to combine its technological advantages with Thai Eurocoat’s expertise in product commercialisation to meet the demand for canned food in the future.
Toyo Ink Thailand president Jun Mikoshiba said: “We‘re pleased to welcome Thai Eurocoat to the Toyo Ink Group family.
“The Group has been operating in Thailand since 1971 and began the local production of can coatings in 1988 with the establishment of Toyo Ink Thailand.
“Over the years, we’ve expanded our business by taking advantage of our ability to develop advanced resins, mainly for can coatings that require high functionality.
“Thai Eurocoat is expected to complement these operations and to expand our business throughout the ASEAN region.
“Thai Eurocoat has a solid reputation among its customers for its product customization and commercialisation know-how based on a strong customer-focused approach to product development.
“By combining our strengths, we aim to further reinforce our capability to resolve customers’ issues with innovative metal packaging solutions that our customers will continue to trust.”
In September last year, Toyo Ink announced its plans to double the laminating adhesives production capacity at its Malaysia-based subsidiary Toyochem Specialty Chemical.