Carmeuse along with GP Group acquires Golden Lime, Thailand’s leading lime company
Deal signals Carmeuse’s entry into South East Asia
Carmeuse, together with its partner GP Group, announced today the acquisition of a 45% stake in Golden Lime Public Company Limited (SET: SUTHA), Thailand’s leading lime company. The transaction triggers a tender offer to acquire the remaining publicly traded shares. The founding family will retain a minority interest in the company.
The acquisition will build on Golden Lime’s leading position in Thailand and complement the solid foundation in place with Carmeuse’s global expertise in mining, lime process technologies and innovative lime applications.
Kiatikul Monsereenusorn, Founder of the company, will remain Managing Director of Golden Lime. Tim Van den Bossche, CEO of Carmeuse Middle East & Asia, will become chairman of the board.
“We have been waiting for the right opportunity to enter South East Asia,” said Tim Van den Bossche. “Golden Lime is the cost leader in a lime market that offers attractive growth opportunities. The company’s solid reputation and sustainable relationships with local customers, suppliers and other stakeholders form the foundation upon which to build an even stronger organization. We welcome the Golden Lime team to the Carmeuse family and look forward to start working together on the identified opportunities.“
Thailand is one of the largest consumers of lime and lime derived products in South East Asia thanks to a large and diversified industrial and agricultural base. The country is among the largest producers of sugar in the world and continues to expand its capacity. It also targets major expansion of its core infrastructure to improve its appeal and competitiveness in the region.
“We believe that the combination with Carmeuse is the right next step in the growth trajectory of Golden Lime,” said Kiatikul Monsereenusorn. “Our organization will benefit from the deep and unique know-how of the global Carmeuse organization in the fields of lime technology, process optimization and applications. It will make us stronger and position us better for future growth.”