Solvay: Acquisition of Sunshield Chemicals
Solvay, Brussels, Belgium, has signed an agreement to acquire a controlling interest in Sunshield Chemicals, an Indian company specializing in surfactants, from Amit Choksey Group. This acquisition will enable Solvay’s Novecare business to accelerate growth plans in India for the home and personal care, agrochemicals, coatings and industrial applications markets. Solvay is determined to double its sales in India by 2015.
Sunshield Chemicals, a company listed on the Bombay Stock Exchange (BSE), generated net sales of INR 943 million (EUR 13.5 million) in its most recent financial year ended March 31, 2012. The price of the acquisition results in a Enterprise Value multiple below 9x the estimated adjusted EBITDA for the current year. This transaction enables Amit Choksey Group to focus more on their other activities in the field of pigments and other related products. The operation, subject to fulfillment of customary conditions and agreements, is expected to be concluded within a period of approximately three months.
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