Inversiones Mundial has sold the remaining stake in its joint venture (JV) firms Tintas and Sinclair, which supply printing inks and related graphic arts products to the packaging sector, to Sun Chemical.
The Colombian Tintas/Sinclair group, which recorded annual sales of more than $100m, supplies products to customers in the Andean region of Latin America covering Colombia, Ecuador, Peru and Venezuela.
Sun Chemical president and CEO Rudi Lenz said the transaction will strengthen the company's printing ink business in the Latin American market.
"Tintas and Sinclair are the market leaders of printing inks and related products in a region where the economies are growing," said Lenz.
"It is our intention to continue operating with the current successful management team and bring our customers the quality products, excellent service and new innovative solutions they expect from us."
Sun Chemical and Inversiones Mundial had been equal partners in the JV firms that were formed in 1999.
Inversiones Mundial CEO Santiago Piedrahita said the transaction would help the company focus on its four core business divisions, which include paints, chemicals, commerce and water pipes.
"Proceeds of this sale will allow us to remain active in our investment portfolio in these lines of business," Piedrahita said.
Sun Chemical is engaged in producing printing inks and pigments, and supplying materials to packaging, publication, coatings, plastics, cosmetics and other industries.