Following a strategic review of the DGL Camel coatings portfolio, DGL Camel International is set to sell most of its coatings portfolio to Yip’s Chemical Holding Limited. The deal is expected to complete in the first half of the 2018 financial year. However the Selleys business in Hong Kong and China and a small part of the coatings portfolio will be retained by DGL Camel International. DGL Camel International is a DuluxGroup owned joint venture company where 51% is owned by DuluxGroup. With an expectation of break even operating performance, the structure and cost base of the ongoing business is yet to be finalized.
However in a separate statement, Hong- Kong based Yip’s Chemical said it would buy the coating business for a headline purchase price of HK$113.9 million ($15 million).
About Yip’s Chemical Holdings
A HongKong based investment holding company, Yip’s Chemical is primarily engaged in the chemical business. Yip’s Chemical Holdings operates mainly in four segments namely: solvents segment, coatings segment, inks segment and lubricant segment.
Headquartered in Australia, DuluxGroup manufactures and markets paints, varnished, lacquers, enamels and home improvement products. DuluxGroup offers decorative paints, protective coatings, texture and wood care coatings, heat reflective paint, automotive refinishing coatings and home and garden care products.