Pidilite Industries Ltd, a Mumbai-based adhesives maker, has got the board approval to acquire adhesive business of Blue Coat Pvt Ltd on a slump sale basis for Rs 263.57 crore ($43.3 million), as per a stock market disclosure.
Blue Coat's adhesive business includes wood working adhesive, paint products, wood preservative and PVC to wood adhesive.
Founded in 2006, Ahmedabad-based Blue Coat manufactures wood related products like synthetic wood adhesive, foam flooring and polyurethane adhesives.
Last year in August, Pidilite signed a definitive agreement to acquire adhesive business of Pune-based Suparshva Adhesives Ltd on slump sale basis.
Pidilite is engaged in manufacturing chemicals. Its products include adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations.
The company is well known for its flagship brand Fevicol, which contributes to a large part of its turnover. Apart from Fevicol, the popular brands of the company include Dr Fixit, Fevi Kwik, Cyclo, Sargent Art, Hobby Ideas, M-Seal and Fevi Stik.
As first reported by VCCircle early this month, Kavinder Singh, CEO of consumer division at Pidilite Industries has resigned from his post.
Shares of Pidilite Industries closed at Rs 393.50 each, down 0.11 per cent on BSE in a strong Mumbai market on Monday.
(Edited by Joby Puthuparampil Johnson)