Astral to acquire adhesive maker Resinova
The firm will acquire a 76% stake in Resinova Chemie for a consideration of `212.8 crore
Mumbai: Plumbing products manufacturer Astral Poly Technik Ltd said on Friday that its board had approved a proposal for the acquisition of a 76% stake in Resinova Chemie Ltd for a consideration of ₹ 212.8 crore.
Resinova manufactures adhesives for manufacturing, wood furniture and construction industries.
The acquisition, announced in a stock exchange filing, is Astral’s second in the adhesive space this fiscal year.
In August, Astral acquired an 80% stake in Seal It Services Ltd, a UK-based manufacturer of adhesives and sealants, for ₹ 44 crore. Founded in 2002, Seal It has manufacturing facilities in Elland in UK and supplies to retail outlets in the country.
Astral is planning to further consolidate its adhesive and sealant business in the coming years and it is in the process of expanding its manufacturing facilities in India, the company said in August.
Astral’s shares closed the day at ₹ 403.10, down 0.99%, while the benchmark Sensex closed at 28,334.63 points, up 0.95%. The announcement was made after market hours.
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