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Johannesburg - Chemical specialist group Omnia has bought into beauty with its acquisition of the KwaZulu-Natal based firm Petroleum Fine Product (PFP).
PFP generates R130m annually, and is a manufacturer of petroleum jelly and white oils used in the beauty care industry.
Said David Lerche, an analyst at Avior Research: "It's indicative of more expansion coming out of Omnia, which has become increasingly focused on the manufacturing side of chemicals where profit margins are higher."
Omnia did not reveal the purchase price, stating it was not material to Omnia overall.
Speaking on its recent acquisition, Omnia MD Rod Humphris said in a media release: "It will allow Omnia to have access to essential bulk base ingredients and will further strengthen the group's consumer care portfolio."
According to analysts, other chemical industry players do not have the cash to buy the kind of acquisitions Omnia is making at the moment.
Omnia shares traded unchanged at 5 500c per share on Thursday morning.
- Fin24.com