Astral Poly Tech acquires 76 pc in Resinova for Rs 213 cr

Ahmedabad-based Astral Poly Technik, a major player in CPVC pipes and fittings industry, today said it has acquired 76 per cent stake in Resinova Chemie Ltd (Resinova) for a deal value of Rs 212.8 crore.
Astral Poly Technik has acquired 76 per cent stake in Resinova Chemie for a total deal value of Rs 212.8 crore and transaction values Resinova at an enterprise valuation of Rs 289 crore, a company statement said.
The company Resinova is into manufacturing and marketing of highly diversified range of adhesives and sealants and sells its products in approximately 50 brands.
In August 2014, Astral had completed the acquisition of 80 per cent stake in UK-based Seal It Services Ltd (Seal-It) which manufactures and sells a comprehensive range of sealants, adhesives, water proofing, cleaning products.

Commenting on the transaction, Astral MD Sandeep Engineer said, "Astral has established itself as a strong participant in the CPVC pipes and fittings sector. In high-growth Indian adhesive market, the Resinova acquisition provides a strong platform which is highly complementary to Astral's strengths."
This acquisition will synergise with Astral's existing businesses by deepening and widening its product offerings. Seal-It and Resinova will enable building a robust and valuable adhesive business, he added.
Resinova MD Vijay Parikh said the strategic move between two fast growing companies in synergistic sectors has exceptional potential to develop the adhesive market in India.
"Combined with Astral's presence in the international market, thrust will be on using technical strength and distribution network of both companies to harness the potential of this business," Parikh added.