GMM Pfaudler inks agreement to acquire Mixel France SAS

The acquisition is subject to French law and will follow the general principles of information and consultation with the works council.

GMM Pfaudler through its wholly owned subsidiary Pfaudler GmbH, has entered into an agreement on 8 December 2022 to acquire Mixel France SAS and its wholly owned subsidiary Mixel Agitator Co. (collectively known as "Mixel").

Mixel designs and manufactures customised mixing systems for a wide range of industrial applications.

A total consideration of 7 million euros will be paid to acquire 100% shareholding in Mixel and the transaction will be funded through a mix of internal accruals and debt.

Mixel has a consolidated turnover of 13.2 million euros as on 31 December 2021. Subject to certain closing conditions and regulatory approvals, the transaction is expected to close in February 2023.

Tarak Patel, managing director said, "The acquisition of Mixel is in line with our growth and diversification strategy, it further enhances our product portfolio and also strengthens our Mixing business by bringing in additional technology and process know-how."

GMM Pfaudler's principal activity is the manufacture of corrosion-resistant glass lined equipment used primarily in the chemical, pharmaceutical and allied industries. The company also manufactures flouro-polymer products and other chemical process equipment such as agitated nutsche filters, filter driers, wiped film evaporators and mixing systems.

The company's consolidated net profit jumped 87.8% to Rs 64.98 crore on 20.5% rise in net sales to Rs 780.05 crore in Q2 FY23 over Q2 FY22.

Shares of GMM Pfaudler shed 0.32% to Rs 1942 on the BSE.

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