Nisshin OilliO acquires Spain’s Industrial Quimica Lasem

Nisshin OilliO Group Ltd., in a move to improve the company’s product diversity and expand its cosmetic materials business in Europe, has agreed to acquire 85% of the Spanish company Industrial Quimica Lasem SA for approximately 3 billion yen (US$35.6 million). The acquisition, which will be finalized this summer, will allow the Japanese cooking oil manufacturer to use the European sales network of Industrial Quimica to sell its cosmetic materials oil used in the production of items such as lipstick in Europe. In addition, Nisshin will use Industrial Quimica’s factories for manufacturing products. By the summer of 2012, Nisshin OilliO expects to purchase the remaining shares of Industrial Quimica, to make it a wholly owned subsidiary. Nisshin OilliO is a manufacturer of lubricating oil and cosmetics materials with sales of 6 billion yen (US$71.352 million) in 2010. Industrial Quimica reported sales of 3 billion yen (US$35.6 million) for the same period. (March 25, 2011)