Specialty chemicals firm Camlin Fine Sciences today said its Mexico-based subsidiary has acquired 65 per cent stake in chemical firm Dresen Quimica for USD 7.8 million (around Rs 52 crore).
After the said acquisition, the company may expand market reach in the North, Central and South America, Camlin Fine Sciences said in a regulatory filing.
Subsidiary CFS Antioxidants Mexico have acquired 65 per cent stake in Dresen Quimica, Mexico along with its group companies, Camline Fine Sciences the filing added.
Incorporated in 1987, Dresen is engaged in manufacturing and distributing specialty intermediate chemical solutions used by the feed, food and other industrial products.
Dresen has operations in five countries including Mexico, Guatemala, Peru, Colombia and Dominican Republic.
Dresen markets products through own sales force directed from headquarters and branches and a network of distributors in North, Central and South America.
As per the company's balance sheet net sales for the year ended December 31 was USD 16.45 million.
Camlin mainly deals in food antioxidants and also has facilities in Italy, Brazil and Mexico.
Shares of the company today closed at Rs 97.25 on BSE up by 0.52 per cent.
