| Log in

Kanoria Chemicals Buys Switzerland’s APAG Holdings For $7M

23 April, 2012

Cash-rich Kanoria Chemicals & Industries has acquired 90 per cent stake in Switzerland-based APAG Holdings AG for CHF 6.39 million or $6.97 million. The transaction, which also includes a loan of CHF 1.3 million ($1.42 million), will mark the company’s entry into the automotive component business.

The deal comes after Kanoria Chemicals & Industries sold its chloro chemicals division to Aditya Birla Chemicals (ABCIL), a subsidiary of the metals giant Hindalco Industries, for Rs 830 crore ($190 million), in 2011. Avendus Capital was the advisor to Kanoria Chemicals on the transaction.

Shares of Kanoria Chemicals closed at Rs 33.3 a unit on the BSE on Friday, up 0.45 per cent.

APAG Holdings, through its subsidiary APAG Elektronik AG, is involved in the development and sale of electronic and mechatronic modules and control devices for the automotive, consumer goods, power tool electronics and building automation industries. Its designing and engineering facility is in Switzerland while the manufacturing facility is located in the Czech Republic.

“After the disinvestment of our chloro chemicals business in May 2011, Kanoria Chemicals has been exploring diversification in knowledge-based high growth areas. APAG is known for its acumen in product designing and engineering, and is a reliable partner to the high-end automotive segment in Europe,” said RV Kanoria, chairman and managing director of the firm.

After the sale of its chloro chemicals business, Kanoria was left with its organic chemicals division. It also owns an Ankleshwar-based unit in Gujarat, which manufactures alcohol and alcohol-based intermediates, and another unit in Vishakhapatnam which is engaged in manufacturing formaldehyde and hexamine.


Leave Your Comment
Kanoria Chemicals buys German electronic control systems firm CoSyst

Kanoria Chemicals buys German electronic control systems firm CoSyst

Anuradha Verma 3 years ago
Kanoria Chemicals & Industries Ltd, a manufacturer of chemical, ...
IFC sells 10.88% stake in Kanoria Chemicals, exits with modest dollar gains

IFC sells 10.88% stake in Kanoria Chemicals, exits with modest dollar gains

Madhav A Chanchani 5 years ago
International Finance Corporation (IFC), the private sector investment arm of...
Avesthagen Pharma signs pact with Elpen to distribute biosimilar

Avesthagen Pharma signs pact with Elpen to distribute biosimilar

Lohit Jagwani 4 years ago
Villoo Patell-promoted Avesthagen Pharma AG (APAG) has signed an agreement with...
No Comments

Kanoria Chemicals Buys Switzerland’s APAG Holdings For $7M

Powered by WordPress.com VIP