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SRF announces definitive agreement to sell its business to DSM

Capital Market 

On 11 May 2019

SRF, a based multi -business entity engaged in the of industrial and specialty intermediates announced that it has entered into a definitive agreement to sell its engineering business to DSM, the Life Sciences and Materials Sciences company in an all-cash transaction, amounting to Rs 320 crore. The company's engineering business manufactures multiple grades of engineering plastic compounds, catering to the automotive and electrical industries. Broadly, the transaction announced today would enable achieve three critical goals for the company and its shareholders. First, we expect the transaction to provide cash and liquidity to strengthen balance sheet further. Second, the transaction will allow to optimize and focus its efforts and resources on developing more-and-more complex technologies within the chemicals business space, which we believe has the potential to be competitively dominant and put the company in a strategically good position. Third, the transaction recognizes the value of our engineering business. It places many of its outstanding employees into DSM, a highly capable and global leader in the engineering

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First Published: Tue, May 14 2019. 10:25 IST