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Investing.com -- IMCD N.V. (AS:IMCD) has signed an agreement to acquire 100% of Tillmanns S.p.A., a specialty chemicals distributor in Italy with revenues of €143 million in FY24.
This acquisition represents IMCD’s largest deal since purchasing Signet in India in 2020 and increases the company’s acquired revenues to €338 million year-to-date, adding 7% to group revenues.
The move comes amid investor concerns that IMCD’s merger and acquisition strategy was slowing down. IMCD shares have declined 34% year-to-date, compared to competitor Azelis’s 30% drop, while the EuroStoxx index has increased 6%.
The acquisition strengthens IMCD’s market presence in Italy, where the company generated €220 million in revenue during FY23. The deal is expected to close in the fourth quarter of 2025.
IMCD’s recent financial performance has shown slowing volume momentum, with organic revenue growth decreasing from 4.2% in the first quarter of 2025 to 0.7% in the second quarter.
This slowdown has been attributed to tariff impact uncertainty, particularly in industrial segments and beauty and personal care products.
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