Toyo Ink Group Acquires Thai Eurocoat

Toyo Ink Group Acquires Thai Eurocoat Toyo Ink SC Holdings Co., Ltd., the Japan-based parent company of specialty chemicals company Toyo Ink Group, and its consolidated subsidiary Toyo Ink (Thailand) Co., Ltd. have signed a share purchase agreement to acquire Thai Eurocoat Ltd., one of the largest producers of exterior coatings for non-pressurized containers in Thailand's canned food market. Thai Eurocoat, headquartered in Samut Sakhon province, will retain its name following the share transfer and will operate as a business unit of Bangkok-based Toyo Ink Thailand. Through the acquisition, Toyo Ink Group will expand its regional business operations with the goal of becoming the largest metal coating supplier in the ASEAN canned food market. Metal containers have long been used as food and beverage containers because they are highly airtight and durable during extended storage and transport. Metal container coatings are applied to the inner and outer surfaces of steel and aluminum containers to protect the quality of packaged food, beverages and other products, as well as to protect the metal surface appearance and integrity against wear. In recent years, metal packaging has attracted increasing attention due to rising global demand for processed foods as a result of population growth and rising income levels, as well as their recyclability. As a result of these trends, the global canned food market is expected to grow more than 130% by 2026 compared to 2020. Toyo Ink Group aims to combine Thai Eurocoat's commercialization capacity with its technological capabilities to meet rising demand. Toyo Ink Thailand President Jun Mikoshiba said, "We are pleased to welcome Thai Eurocoat to the Toyo Ink Group family. The Group has been operating in Thailand since 1971 and began local tin plate coating production with the establishment of Toyo Ink Thailand in 1988. Over the years, we have expanded our business by leveraging our ability to develop advanced resins, particularly for tin plate coatings requiring high functionality. We expect Thai Eurocoat to complete these operations and expand our business in the ASEAN region. Thai Eurocoat has a solid reputation among its customers with its product customization and commercialization expertise based on a strong customer-focused approach to product development. By combining our strengths, we aim to further advance our ability to address our customers' challenges with innovative metal packaging solutions they can continue to trust."   Source