Kiri Holdings Singapore along with its joint venture partner Longsheng Group, China, has acquired Germany based multinational DyStar along with its subsidiaries. Kiri Holdings Singapore is a special purpose vehicle of Ahmedabad based Kiri Dyes and Chemicals (KDCL).
"Synergies of both the companies, DyStar and KDCL along with participation and support of Longsheng Group, China will provide long term sustainability to DyStar. The acquisition will help strengthen global leadership of DyStar, and will create high values for all their stakeholders," KDCL said in a statement to the Bombay Stock Exchange.
KDCL has plans to turnaround DyStar by replacing the high cost German manufacturing base with low cost manufacturing in India and China. It is aiming at a cash surplus DyStar from 2010 and to start generating profit from 2011.
Shares of KDCL were up 2.09 per cent at Rs 725 on the Bombay Stock Exchange.
