APAG Holding becomes Kanoria Chemicals' wholly-owned subsidiary

APAG Holding AG has become a wholly owned subsidiary of Kanoria Chemicals & Industries Ltd after the Indian firm acquired the remaining 10% stake in the Swiss firm. In April 2012, Kanoria Chemicals had entered into an agreement to acquire 90% stake in APAG Holdings and its wholly owned subsidiary APAG Elektronik AG, for an enterprise value of around Swiss France (CHF) 7.69 million (about Rs 44 crore).
 
APAG Elektronik is engaged in development and sale of electronic and other control devices for the automotive, consumer goods, building automation industries. The designing and engineering facility of the company is located in Switzerland, while the manufacturing facility is located in the Czech Republic.
 
Acquisition of APAG is a part of Kanoria Chemicals’ diversification plan after the Delhi-based company divested its chloro chemicals business in May 2011 to Aditya Birla group. “The knowledge base of APAG can be leveraged for future expansion in various geographical segments. KCI is excited, as it is its first global foray in manufacturing,” had said R V Kanoria, CMD of Kanoria Chemicals, while acquiring 90% stake in APAG.