Specialty chemicals maker Clariant Chemicals (India) Ltd has acquired black pigment preparations portfolio of Lanxess India Pvt Ltd, a local arm of German specialty chemicals company Lanxess, for Rs 13.5 crore (approximately $2.1 million), as per a stock market disclosure.
The target business comprises the carbon black preparations plant located at Nagda together with its assets, liabilities and employees. The business is acquired as a going concern on a slump sale basis with effect from April 1, 2015.
The unit manufactures black pigment preparations used for processing of viscose fibre, which goes in the manufacture of viscose-based apparels, knitwear, towels, bed-linen, etc, it said in the statement.
“The pigment preparations business has been the mainstay of our India operations and we continuously adapt product offerings to suit evolving customer needs. This acquisition is a strategic decision to expand distribution networks,” Sambit Roy, regional director – marketing and sales (pigments), Clariant in India, said.
Incorporated in India in 2004, Lanxess India operates as a wholly-owned subsidiary of Lanxess Deutschland GmbH. The German firm has been restructuring its business globally and had also announced layoffs last October.
It had acquired Gwalior Chemicals, including its Nagda plant, in 2009 for Rs 536 crore.
Clariant is a Swiss specialty chemicals manufacturing company and in India it has local pigment production activities at its Roha (Maharashtra) and Cuddalore (Tamil Nadu) sites.
In 2013, it had sold its textile chemicals and leather services business in India.
On Wednesday, shares of Clariant closed at Rs 829.20 each, up 1.90 per cent on the BSE in strong Mumbai market.
(Edited by Joby Puthuparampil Johnson)
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