At meeting held on 28 October 2020
The Board of Pidilite Industries at its meeting held on 28 October 2020 has approved a definitive agreement with certain group entities of Huntsman Corporation (USA) for acquiring 100% stake in one of their subsidiary in India namely, Hustsman Advanced Material Solutions for a cash consideration of approximately Rs 2100 crore.Huntsman Advanced Material Solutions manufactures and sells adhesives, sealants, and other products under well-known brands such as Araldite, Araldite Karpenter and Araseal.
In the calendar year 2019, business revenue was approximately Rs 400 crore. In addition to the Indian sub-continent business, the acquisition includes a Trademark licence for Middle East, Africa and ASEAN countries.
The transaction is expected to close by next week.
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