Chryso Group acquires 20th subsidiary as SA operations celebrate 20th anniversary
The Chryso Group has acquired its 20th subsidiary with the take-over of Philprime Global Corporation, a major player in the Philippines construction industry.
Chryso Southern Africa, which includes a.b.e. Construction Chemicals, is this year celebrating 20 years of operations in South Africa.
Norman Seymore, vice-president of the Chryso Group internationally and CEO of Chryso Southern Africa, says Philprime Global Corporation, based near Manila, was established 47 years ago and has become a key player in the Phillipines’ building sector.
“Philprime offers a wide variety of products and services for the cement and concrete markets. It started business in 1969, distributing imported products and moved to manufacturing top-quality construction chemicals that have been extensively used in prestigious projects in the fast-growing Philippines.
“Filipino customers will now benefit from the expertise and product range of a respected local company, augmented by the Chryso Group’s innovative technologies, large range of services, techno-economic support and laboratory and site testing.”
The Chryso Group’s expansion reflects its development strategy in South East Asia and its policy of investing in high-growth countries. The Philippines’ construction sector is booming and is predicted to continue to thrive as government has plans to increase infrastructure spending from 3.1% of GDP last year to 5% in 2016. The Philippines Construction Market Report says the construction industry is expected to grow by 46% this year and industry analysts have predicted that around 1.5 million square metres of new offices will be built by the end of 2016
The Philippines is the world’s second-largest archipelago, with over 7 000 individual islands within its borders. It has a population of over 100 million people and is the seventh most populated country in Asia and the 12th most populated in the world.
The new acquisition follows a Chryso Group acquisition in Sri Lanka at the end of 2014 and another in Qatar at the end of 2015, coupled with substantial growth on the African continent including the establishment of production facilities in Algeria late last year.
The Chryso Group – which employs over 1 100 people in 70 countries – became an independent business in September 2014 after it was acquired from the Materis Group by French equity firm, LBO France. This has facilitated the increased pace at which Chryso is developing internationally.
More information from Norman Seymore, Tel: +27(0)11 395 9700/ www.chryso.com