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Pidilite acquires Huntsman Group's India subsidiaries

HAMSPL manufactures and sells adhesives, sealants and other products under Araldite, Araldite Karp

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MUMBAI: Pidilite has approved a definitive agreement with US-based Huntsman Group for acquiring 100 per cent stake in one of their subsidiaries in India – Huntsman Advanced Materials Solutions Private Ltd (HAMSPL) – for Rs 2,100 crores.

HAMSPL manufactures and sells adhesives, sealants and other products under Araldite, Araldite Karpenter and Arasealin India. In the calendar year 2019, its business revenue was approximately Rs 400 crores. In addition to the Indian sub-continent business, the acquisition includes a trademark license for Middle East, Africa and ASEAN countries.

Under the agreement, Huntsman will receive approximately 90 per cent of the cash consideration at closing and balance approximately 10 per cent under an earnout within 18 months if the business achieves sales revenue in-line with 2019. The transaction is expected to close by next week. HAMSPL has a nation-wide distribution network and a strong presence in retail trade.

Pidilite Industries Ltd executive director Apurva Parekh said, “Araldite is an iconic brand and a market leader in epoxy adhesives in India. We are thankful for all the support extended by the Huntsman group and we are confident that our association will remain strong going forward.”

Pidilite managing director Bharat Puri stated, “With this acquisition, Araldite will add to the already very strong portfolio of Pidilite’s adhesive and sealant brands and will complement our retail portfolio. We are confident that this acquisition will create significant shareholder value through strong revenue and cost synergies.”

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