Pidilite completes acquisition of Huntsman Advanced Materials Solutions for Rs 2,100 cr

Pidilite Industries, manufacturer of the popular Fevicol brand of adhesives, has completed acquisition of the US-based Huntsman Group's adhesives business in the country for Rs 2,100 crore. "The company has completed the acquisition of 100 per cent stake in Huntsman Advanced Materials Solutions Private Ltd (HAMSPL), on November 3, 2020.

Pidilite Industries, manufacturer of the popular Fevicol brand of adhesives, has completed acquisition of the US-based Huntsman Group's adhesives business in the country for Rs 2,100 crore. "The company has completed the acquisition of 100 per cent stake in Huntsman Advanced Materials Solutions Private Ltd (HAMSPL), on November 3, 2020. As such, HAMSPL is now a subsidiary of the company," Pidilite Industries said in a regulatory filing. Huntsman Advanced Materials Solutions manufactures and sells adhesives, sealants and other products under brands such as Araldite, Araldite Karpenter and Araseal in the country. The deal also includes the company's Indian subcontinent business, apart from a trademark licence for the Middle East, Africa and ASEAN countries. In 2019, Huntsman had a revenue of around Rs 400 crore from its operations here. Under the deal, Huntsman received around 90 per cent of the cash consideration at closing and balance around 10 per cent will be paid within 18 months if the business achieves sales revenue in-line with 2019.