05 January 2018, India:
Pidilite Industries today announced that its board has the acquisition of 70% stake in equity shares in CIPY Polyurethanes for ₹96.4 crore ($15.2 million
) in an all-cash deal.
The acquisition is expected to be completed within the next two months after getting necessary approvals.
Bharat Puri, Managing Director at Pidilite Industries said, “We are excited to partner with CIPY. The acquisition of majority stake in CIPY will enable Pidilite to expand its presence in the fast-growing resin flooring and floor coating category.”
Subash Cipy, Managing Director at CIPY Polyurethanes said, “The partnership with Pidilite will make us stronger and accelerate growth in the floor coating category.”
CIPY was incorporated in 1994. It is engaged in the business of manufacture and sale of floor coatings using polyurethanes, epoxies, polyurea and polyaspartic polymers. Its turn over in 2016-17 was ₹110.40 crore.
Pidilite Industries is a leading manufactureres of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-it-yourself) products and polymer emulsions in India. Its product range also includes paint chemicals, automotive chemicals, art materials and stationery, fabric care, maintenance chemicals, industrial adhesives, industrial, textile resigns and organic pigments & preparations.
The company has six manufacturing locations in India. Its brand include Fevicol, MSeal, Dr. Fixit, Fevikwik, Roff, Fevicrycl and Motomax.
(Image – Pidilite)