Chemical giant Merck acquires China's Taizhu

By Ding Qingfen (chinadaily.com.cn)
Updated: 2009-09-09 16:08

German-based Merck KGaA, the world's leading pharmaceutical and chemical group, Tuesday signed a chemical acquisition agreement with Jiangsu-based Taizhu Technology and Development Co, the largest pigment chemical producer in China.

Karl-Ludwig Kley, chairman of the board, declined to elaborate on the volume of the deal, citing corporate confidentiality.

Taizhu has an annual sales worth 14 million euros ($20.30 million). The company was set up in 1988, and began overseas sales in 1998. Production materials of the joint venture with Merck will be sold abroad.

Besides the pharmaceutical sector, chemicals will be another sector that Merck now focuses on in China.