Pidilite Industries, the manufacturers of the popular Fevicol brand of adhesives, on Wednesday said it has completed acquisition of the US-based Huntsman Group’s Indian subsidiary for ₹ 2,100 crore.
“The company has completed the acquisition of 100% 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 ₹ 400 crore from its operations here.
Under the deal, Huntsman received around 90% of the cash consideration at closing and balance around 10% within 18 months if the business achieves sales revenue in-line with 2019.