Pidilite Industries Completes Acquisition of Huntsman’s India Subsidiary

Pidilite Industries Ltd announced that the company has completed the acquisition of 100% stake in Huntsman Advanced Materials Solutions Private Limited (HAMSPL), on 3rd November 2020.

As such, HAMSPL will now be a subsidiary of Pidilite Industries Ltd, the company said.

At its meeting on October 28, the board of Pidilite Industries approved a definitive agreement with Huntsman Group for acquiring 100% stake in HAMSPL.

This deal was for a cash consideration of about Rs 2,100 crore ($283.6 million).

HAMSPL manufactures and sells Adhesives, Sealants and other products under well-known brands such as Araldite, Araldite Karpenter and Araseal in India. In calendar year in 2019, the company’s business revenue was approximately Rs 400 crore ($54 million).

The acquisition includes HAMSPL’s Indian Sub-Continent business as well as includes a Trademark licence for Middle East, Africa and ASEAN countries.

Huntsman Group is a leading global producer of differentiated organic chemical products.