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09 April, 2020 20:22 IST
Pidilite Industries to acquire 70% stake in Tenax India
Source: IRIS | 28 Feb, 2020, 04.43PM
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Pidilite Industries, a manufacturer of adhesives and industrial chemicals has entered into a definitive agreement with Tenax SPA (Tenax Italy) for acquiring 70% of the share capital of Tenax India Stone Products (Tenax India) for cash consideration of approx. Rs. 800 million (depending upon actual working capital and cash at the time of closing).

Tenax Italy is the leading manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry. Tenax India, incorporated in 2005, is a subsidiary of Tenax Italy engaged in the sales and distribution of Tenax Italy products for the retail market in India.

Bharat Puri, Managing Director, Pidilite Industries (Q,N,C,F)* said, ''This acquisition will help expand Pidilite's presence in the fast-growing adhesives, coatings and surface treatment chemicals market for the marble and stone Industry and bring world class technology to India by investing in a manufacturing plant''

Igino Bombana, Group President, Tenax SPA said ''We are excited about the partnership between Pidilite and Tenax spa to consolidate our presence in the fast-growing retail market in India and adjacent SAARC markets'' through Tenax India Stone Products.

Post the acquisition, Tenax India will become a subsidiary of Pidilite. This acquisition by Pidilite will enable Tenax India to fully leverage the sales, distribution and marketing capability of Pidilite in India and SAARC markets. Tenax Italy will continue to be a partner (having 30% stake) in Tenax India and provide full support to Tenax India through its technical and market understanding of marble, granite and stones business in India and SAARC markets.

Shares of the company declined Rs 32.45, or 2.09%, to settle at Rs 1,523.00. The total volume of shares traded was 44,654 at the BSE (Friday).

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