The acquisition of UAPC (UAC Advance Polymer & Chemicals) by the Italian group ICAP-SIRA was developed in two main phases, concluding with total control of the Thai company.
Details and milestones:
Phase 1: Acquisition of majority control in 2023 (70%):
- The transaction: In March 2023, the Italian group ICAP-SIRA completed the acquisition of 70% of UAPC‘s shares from the Thai holding company UAC Global.
- Capital increase: At the same time as the agreement, UAPC’s registered capital was increased from 180 to 390 million Baht to finance the expansion plan.
- Strategic objective: For ICAP-SIRA, the transaction represented a crucial and long-term strategy to establish a production, commercial and research base directly in the ASEAN/APAC region to serve local markets with water-based acrylic and vinyl polymers (with a focus on sustainable and eco-friendly innovations).
Phase 2: Total buyout in 2026 (100%):
- Exercise of the Call Option: ICAP-SIRA exercised the call option provided for in the initial investment agreements to acquire the 30% of the shares in UAPC still held by UAC Global. With the closing of the transaction, UAC Global sold its stake, definitively exiting the shareholding structure of UAPC.
UAPC operates today as a wholly owned subsidiary of the ICAP-SIRA Group in the ASEAN/APAC region maintaining its chemical production standards (latex solution and polymers) for sectors such as automotive, textiles, construction and packaging in the Asian area. As evidence of the integration of the group’s sustainability policies, ICAP-SIRA has obtained the EcoVadis ESG silver medal for its sustainability performance.
