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Business News/ Companies / Astral to acquire adhesive maker Resinova
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Astral to acquire adhesive maker Resinova

The firm will acquire a 76% stake in Resinova Chemie for a consideration of `212.8 crore

The acquisition, announced in a stock exchange filing, is Astral’s second in the adhesive space this fiscal year.Premium
The acquisition, announced in a stock exchange filing, is Astral’s second in the adhesive space this fiscal year.

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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ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 21 Nov 2014, 05:04 PM IST
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