 "Asian Paints to acquire majority stake in Ethiopia's Kadisco Paint")
Asian Paints, India’s leading paint manufacturer, will acquired majority stake in an African paint company to further consolidate its presence in the region. The company will acquire 51% stake in Ethiopia-based Kadisco Paint through its Singapore-based subsidiary Berger International for an undisclosed sum.
“Berger International Limited, Singapore, a wholly owned subsidiary of Asian Paints (International) Limited on October 22, 2014 has signed a share purchase agreement and other definitive agreements and documents to acquire 51% stake in Kadisco,” Asian Paints informed the BSE.
Kadisco is a family-owned business and manufactures adhesive, glues and paints, with a 30 per cent marketshare in paints. Kadisco has paint manufacturing capacity of about 30 million litres of paint a year. Asian Paints, which has operations in 24 countries, has a combined paint manufacturing capacity of around 330 million litres a year.
“Berger International Limited, Singapore, a wholly owned subsidiary of Asian Paints (International) Limited on October 22, 2014 has signed a share purchase agreement and other definitive agreements and documents to acquire 51% stake in Kadisco,” Asian Paints informed the BSE.
Kadisco is a family-owned business and manufactures adhesive, glues and paints, with a 30 per cent marketshare in paints. Kadisco has paint manufacturing capacity of about 30 million litres of paint a year. Asian Paints, which has operations in 24 countries, has a combined paint manufacturing capacity of around 330 million litres a year.