Pidilite to Acquire the Consumer Adhesives Business of Huntsman Corporation in India
Pidilite Industries, country’s largest adhesive and manufacturing company and a proud owner of the Fevicol brand has levelled up its undertakings by signing a definitive agreement on Thursday for acquiring 100 per cent stakes in a wholly owned Indian subsidiary of Huntsman Corporation under the name Huntsman Advanced Material Solutions Private Limited. The venture worth INR 21000 million will include company’s complete consumer and retail business without the customary working capital and severe other adjustments. Along with the Indian Sub-Continent Business, the deal comprises an official trademark licence for all ASEAN countries, Middle East, and Africa. The transaction is anticipated to wind up by next week. Huntsman Advanced Material Solutions holds a widespread distribution network and a strong foothold in retail trade. The company is highly popular with brands like Araldite, Araseal and Araldite Karpenter in India. In support of the agreement, Managing Director of Pidilite Industries stated that the strong brand Araldite is an exemplary addition to the well established portfolio of the adhesives and sealants brand of Pidilite and will in turn assist it in enlarging its retail portfolio. The authority expressed its faith in the venture creating prominent shareholder values through cost synergies and huge revenue.