Mumbai-based adhesives maker Pidilite Industries Ltd has received board’s approval to amass seventieth stake in floor coating maker CIPY Polyurethanes Pvt. Ltd for Rs 96.4 large integer ($15.2 million) in associate degree all-cash deal.
The acquisition can facilitate Pidilite participate within the growth of the rosin flooring and floor coatings market, the firm aforesaid during a stock-exchange revealing.
“The acquisition of majority stake in CIPY can change Pidilite to expand its presence within the rosin flooring and floor coating class,” aforesaid Republic of India Puri, decision maker, Pidilite Industries.
“The partnership with Pidilite can build U.S.A. stronger and accelerate growth within the floor coating class,” aforesaid Subash Cipy, decision maker, CIPY Polyurethanes.
The acquisition is predicted to be completed among 2 months.
Pune-based CIPY Polyurethanes was based by Subash Cipy in 1994. It manufactures and sells floor coatings mistreatment polyurethanes, epoxies, polyurea and polyaspartic polymers.
The company’s turnover stood at Rs 110.40 large integer within the year through thirty one March 2017.
Pidilite manufactures adhesives and glues. The company’s 3 key product lines are adhesives and sealants, construction chemicals and paint chemicals, and art and craft materials. it's six producing locations within the country. Its brands embody Fevicol, MSeal, Dr.Fixit and Fevikwik.
The company announce consolidated income of Rs half-dozen,062.3 large integer and a profit when tax was Rs 863.2 large integer within the year through 31 March 2017.
In 2016, it shaped a joint-venture ICA Pidilite Pvt. Ltd with Italy-based wood end manufacturer Industria Chimica Adriatica Spa (ICA).
The joint-venture distributes ICA’s merchandise.
In 2016, Pidilite non-inheritable Nebula East Africa Pvt. Ltd through its subsidiaries. In 2015, it non-inheritable a seventieth stake in Semitic deity Waterproofing Systems Ltd.
For More Detail:- www.goldcruderesearch.com
Contact Us:- 8602588927
No comments:
Post a Comment