Dorf Ketal In Talks To Acquire Italy’s Italmatch For $1.6 Billion

09 Oct 2025 CW Team

Dorf Ketal, a global manufacturer and supplier of speciality chemicals, is in advanced negotiations to acquire Italy-based Italmatch Chemicals SpA for around $1.6 billion. The deal is being facilitated by the current owners, Bain Capital.

Both companies have entered into exclusive discussions and are reportedly close to finalising the Shareholder Agreement (SPA) within the next few weeks. A formal announcement is expected by the end of the month. If completed, this would mark Dorf Ketal’s largest-ever acquisition, underscoring its global growth ambitions and the accelerating consolidation within the speciality chemicals sector.

The industry has witnessed a string of major deals recently, reflecting growing strategic realignments and competitive repositioning among global players. These include:

Abu Dhabi National Oil Company (ADNOC) acquiring Germany’s Covestro AG for €12 billion in 2024.
Lone Star selling speciality chemicals firm AOC to Nippon Paint Holdings Co.
JSW Paints purchasing a major portion of Akzo Nobel’s India operations for $1.6 billion.

These transactions highlight the increasing trend of consolidation as companies look to broaden capabilities, access new markets, and reinforce their leadership in high-value chemical segments.

According to Rosefield Energy Tech, the proposed acquisition will enable Dorf Ketal to expand its product portfolio, strengthen technological capabilities, and deepen its global presence. The move would enhance the company’s standing as a leading speciality chemicals player and signal its long-term commitment to innovation and sustainable growth.

If the deal is finalised, it would represent a milestone in India’s outbound merger and acquisition activity in the chemicals sector, positioning Dorf Ketal among the few Indian firms with a significant European footprint in speciality chemicals manufacturing.

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