Toyo Ink Group to wholly acquire Thai Eurocoat
Toyo Ink SC Holdings, the Japan-based parent company of the specialty chemicals company Toyo Ink Group, has announced that, on March 10, 2023, it and its consolidated subsidiary Toyo Ink (Thailand), concluded a share purchase agreement to wholly acquire Thai Eurocoat, manufacturer of external coatings for non-printed cans in the Thai canned food market.
Following the transfer of shares, Thai Eurocoat, which is based in Samut Sakhon province, will retain its name and operate as a business unit of Bangkok-based Toyo Ink Thailand. Through the acquisition, the Toyo Ink Group will expand its regional business operations with the aim of becoming a top metal coatings supplier in the ASEAN canned food market.
Canned food market is expected to grow
Can coatings are applied to the interiors and exteriors of steel and aluminum cans to preserve the quality of packaged food, beverage or other product, and to protect the metal surface appearance and integrity against abrasion. In recent years, metal packaging has been garnering greater attention as global demand for processed foods has been strong stemming from rising populations and incomes, and a renewed focus on metal packaging due to their recyclability. As a result of these trends, the global canned food market is expected to grow by more than 130% by 2026 compared to 2020. To meet with the increase in future demand, the Toyo Ink Group aims to leverage its own technological strengths with the product commercialisation capability of Thai Eurocoat.
Event tip
This October, the Pacific Coatings Show will take place for the first time. From October 18 to 20, the paints and coatings industry will meet for a trade show and conference in Jakarta.
