Pidilite Industries Announces Acquisition of Majority Stake in CIPY Polyurethanes Pvt. Ltd.
Business Wire India
Pidilite announced that the board of directors at its meeting held today approved the acquisition of 70% stake in equity shares of CIPY Polyurethanes Pvt. Ltd. ("CIPY") subject to completion of certain conditions precedent.
CIPY was incorporated on 29th November, 1994 and it is engaged in the business of manufacture and sale of floor coatings using polyurethanes, epoxies, polyurea and polyaspartic polymers. The consideration will be in cash being an amount of Rs. 96.40 crores in aggregate payable to the existing shareholders of CIPY for the purchase of the portion of shares held by them in CIPY.
This acquisition will help the Company to participate in the growth of the resin flooring and floor coatings market.
The turnover of CIPY was Rs. 110.40 crores for the year 2016-17.
Dr. Cipy, Managing Director of CIPY Polyurethanes Pvt. Ltd. said, "This partnership with Pidilite will make us stronger and accelerate growth in the floor coating category."
Mr. Bharat Puri, Managing Director 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."
About Pidilite
Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-it-yourself) products and polymer emulsions in India. Our products range also includes paint chemicals, automotive chemicals, art materials and stationery, fabric care, maintenance chemicals, industrial adhesives, industrial, textile resins and organic pigments & preparations. Most of the products have been developed through strong in-house R&D. Our brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the most trusted brands in the country. Some of our other major brands are MSeal, Fevikwik, Roff, Dr. Fixit, Fevicryl, Motomax and Hobby Ideas.
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