Pidilite buys Steel Grip from Bhor

 M V Subbarao, president, Pidilite Industries, said, "The deal was struck recently. We were looking for a product that had a substantial brand equity. Steel Grip fits in as it has been around for  37 years."

 The deal was brokered by Andersen Corporate Finance. Fevicol is the flagship brand of Pidilite Industries. The other products from the Pidilite stable include Fevicryl, Dr Fixit and M-Seal.

 The Rs 500 crore Pidilite Industries' product portfolio comprises sealants, construction and paint chemicals, resins and pigments. The company's products can be classified broadly into consumer and bazaar products, industrial and other miscellaneous products.

 The first of the three segments contributes about 70 per cent to the turnover. The primary revenue driver in this segment is the Fevicol brand. The industrial products division comprises construction chemicals,  industrial adhesives and resins for textile and industrial applications.

 Pidilite had earlier  dropped its plans to set up a subsidiary in Mauritius for its pigments business. The move followed a recast plant by the company that has identified the pigments business as a non-core area.

 The company plans to hive off its non-consumer based business to concentrate on the more lucrative consumer products segment.

 The company posted a turnover of Rs 526.90 crore for the year ended March 31,2001 and its net profit for the period stood at Rs 47.96 crore.