Sun Chemical Group Coöperatief UA has purchased the remaining shares held by Inversiones Mundial (Grupo Mundial) in their Colombian joint venture companies Tintas SA and Sinclair SA. Grupo Mundial is a diversified group based in Medellin, Colombia. Founded in 1921, Grupo Mundial operates in 16 countries and exports to 25 countries. Group sales for 2012 were $1.2 billion. It has four company divisions: paints, chemicals, commerce and water pipes.
With annual sales over $100 million, the Tintas/Sinclair Group sells printing inks and related graphic arts products primarily to the packaging market in the Andean region of Latin America, which covers Colombia, Ecuador, Peru and Venezuela.
“This acquisition reinforces Sun Chemical and DIC’s commitment to both the printing ink business and the growing Latin American market,” says Rudi Lenz, president and CEO of Sun Chemical. “Tintas and Sinclair are the market leaders of printing inks and related products in a region where the economies are growing. It is our intention to continue operating with the current successful management team and bring our customers the quality products, excellent service and new innovative solutions they expect from us. We look forward to continue working together in other businesses with Inversiones Mundial (Grupo Mundial).”
Sun Chemical says it has had a good relationship with Tintas and Sinclair for more than 30 years, and Sun Chemical and Inversiones Mundial have been equal partners in this joint venture formed in 1999 after Sun Chemical purchased Coates Lorilleux.
"With the sale of Tintas, Grupo Mundial consolidates the strategy set a few years ago to focus on four core businesses: paints, chemicals, commerce and water pipes,” says Santiago Piedrahita, CEO of Grupo Mundial. “Proceeds of this sale will allow us to remain active in our investment portfolio in these lines of business."