ADBS and AICA Asia Pacific Sign Capital Increase Share Subscription Agreement
Expanding Sealant Product Portfolio and Strengthening the Adhesives and Chemicals Supply Chain within the AICA Group

On September 19, 2024, AICA ASIA PACIFIC HOLDING PTE. LTD. (AAPH) signed a share subscription agreement to invest in ADB Sealant Co., Ltd. (ADBS)—a 99.99% owned subsidiary of Applied DB Public Company Limited (ADB)—acquiring a 51% stake in the company. After the capital increase, ADBS will have a new registered capital of THB 645.09 million.

ADBS is a leading manufacturer and distributor of industrial adhesives used in the footwear, furniture, and leather industries, as well as cartridge-type and bulk-packaged sealant products for the real estate, construction, interior decoration, automotive, and electronics industries. The company also offers small-pack sealants for household DIY use. With over 40 years of professional manufacturing experience, ADBS serves customers across Thailand and international markets in ASEAN, the Middle East, Europe, Africa, and South America. It also provides OEM services for top global brands.

AAPH is a wholly owned subsidiary of AICA KOGYO CO., LTD., a Japanese corporation with nearly a century of experience and a strategic focus on supplying high-value-added products to meet customer needs while creating synergies within the AICA Group. AAPH has significantly expanded its industrial adhesive business through 21 subsidiaries and 22 manufacturing plants in 8 countries across the Asia-Pacific region. The company has achieved an average annual growth rate of 10% in overseas chemical businesses, particularly in Indonesia and Malaysia, where it holds strong retail market positions with powerful brands and sales networks.

The addition of ADBS’s sealant products will enhance AAPH’s product portfolio in international markets. Furthermore, ADBS’s solvent-based adhesives, which hold a strong market share in Thailand, will create technological synergies and support AAPH’s plans to expand market share. The collaboration forms a vertically integrated supply chain that combines both manufacturing and distribution.

This partnership will strengthen both companies’ competitiveness by leveraging brand power and sales networks domestically and internationally. It will also allow for economies of scale, increased brand diversity, and broader product offerings—ultimately reinforcing their market position in the retail adhesive and sealant markets across Asia.

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