EAC Industrial Ingredients acquires Malaysian Seawards

Press Release from EAC: In line with its strategy to further expand its position in South and South‐East Asia, EAC Industrial
Ingredients has as of 29 January 2010 completed the acquisition of Seawards, a Malaysian specialty
chemicals business.

The acquisition will almost double EAC Industrial Ingredients’ revenue in Malaysia
and further consolidate its position in the Malaysian market. Henceforth, Malaysia will be the fourth
biggest market for EAC Industrial Ingredients representing around 10% of the total business revenue.
Seawards is a privately owned company incorporated in 1982.

Over the years, the company has built a solid business based on partnerships with a broad range of leading international suppliers including CPL Aromas, Chr. Hansen, Croda and C.P. Kelco. Two thirds of the business revenue derive from
distributing specialty chemicals to the personal care industry, but Seawards also markets and distributes products to the food & beverage and rubber processing industries which are experiencing strong growth. Seawards achieved revenue growth of 10% in the fiscal year ending on 30 April 2009 despite the global economic downturn. Through its focus on industries less susceptible to the economic downturn, the business has been able to sustain double‐digit operating margins.

The acquisition is expected to contribute positively to both revenue and operating profit in 2010.
Niels Henrik Jensen, President & CEO states:

“The acquisition is in every aspect an excellent match for
us. Seawards’ industry focus is in line with our strategy, and the portfolio of high‐margin specialty
chemicals complements EAC’s existing activities in Malaysia. The acquired activities include
partnership agreements with international suppliers, which we already represent in other Asian
markets, and we are thereby able to consolidate these relationships further. Moreover, several new
international suppliers are added to our activities, and I am confident that the acquisition and the
enhanced product portfolio will improve our ability to pursue new business opportunities, locally as
well as on a regional basis.”

Today, EAC Industrial Ingredients is present in nine markets throughout South and South‐East Asia:
The regional market coverage includes Thailand, Vietnam, the Philippines, Indonesia, Malaysia,
Singapore, Cambodia, India and Bangladesh. EAC Industrial Ingredients represents more than 150
international suppliers, often based on regional agreements. EAC aims at becoming the marketleading
solutions provider of industrial ingredients to selected industries across South and South‐East
Asia and focuses on further growth and value creation.

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