The acquisition will be made through a wholly-owned subsidiary of Berger Paints India in Cyprus. The company will seek clearance from the Polish Anti-Monopoly Office to fulfill the acquisition formalities.
Bolix is the largest provider of EIFS systems in the B2B segment in Poland and neighbouring countries such as Ukraine, Russia and the Baltic states. Ernst & Young, India and Tomozak & Partners, Poland advised Berger on the transaction.
Berger Paints reported net profits of Rs 23.2 crore and net sales of Rs 356 crore in Q3' 08. The company is establishing an automotive paints plant in Jejuri, Pune at an investment of Rs 50 crore and this is scheduled to be operational by December this year.
This apart, the company is working on expanding its solvent-based paint and resin manufacturing plant in Goa, besides the water-based paint and resin facility at Rishra in West Bengal.