S&D provides raw materials and ingredients to the pharmaceutical, food, personal care and performance chemicals industries.

Joris Coppye, group chief executive officer of Azelis comments: ‘This acquisition is one of the biggest in the entire Azelis history and is of significant strategic importance.

‘S&D is an important step change towards globalisation through the access to new markets such as Canada, Australia, Middle East and Africa.’

Excluded from the acquisition are the S&D companies involved in the pharmaceutical finished dosage, chemical synthesis and laboratory supply markets, as well as part of its cosmetic and toiletries business.

Peter Straus, co-founder and owner of S&D, has confirmed that the retained businesses will continue to operate and expand under their current management.

Belgium-based Azelis employs 1,100 people at 37 facilities in 27 countries across Europe, India and China.