Mumbai-based Chembond Chemicals Ltd has signed an agreement with Henkel Adhesives Technologies India Pvt Ltd, to sell its entire 49 per cent stake in JV firm Henkel Chembond Surface Technologies Ltd, for an undisclosed amount, the company said in a stock market disclosure.
The divestment brings to an end an almost two-decade-old partnership between the companies.
Mumbai-based Henkel Chembond Surface Technologies was formed in 1997 and manufactures metal pre-treatment chemicals and lubricants.
"Our decision to divest was based on a number of factors including a strategy to invest in and grow our water treatment, construction chemicals, industrial and high performance coatings, animal nutrition and industrial enzymes businesses. We have also just initiated new businesses like bio-based polyamides and the recently signed JV with Calvatis GmbH for industrial cleaning and hygiene systems for the food, beverage, brewing and dairy industries," said Nirmal V Shah, MD of Chembond Chemicals.
Henkel AG is engaged in laundry and home care, personal care and adhesive technologies businesses.
Henkel Adhesives Technologies India, a subsidiary of Henkel AG & Co, makes adhesives products like glue stick, tube glue and other related products.