Time Technoplast Ltd, a polymer product company, has acquired Plastic Product Division of Solutia Inc, in Europe. The acquisition brings to TimeTech access to leading brands ‘AstroTurf’ and ‘Clear Pass’ for global markets excluding North America.
Shares of Time Techno were trading at Rs 57.4, up by 0.95% at 2 pm on the BSE today. It also touched a 52-week-high of Rs 57.9 today.
With this deal, the Rs 1,000-crore TimeTech will acquire the fully operational state-of-art production facility in Romania (recently shifted from Belgium), marketing & distribution setup headquartered at Brussels and distribution network across the world.
“It would allow TimeTech to integrate their artificial turf, matting and spray suppression system in India and Europe to leverage on strong brands and global distribution network,“said Anil Jain, Managing Director, TimeTech.
Through this acquisition, TimeTech gets proprietary technology and know-how for manufacture of number of high-tech products in the space of entrance mattings, artificial turf for indoor and outdoor application, mats for petcare, incubator and spray suppression, etc.
TimeTech has manufacturing facilities across India, UAE, Thailand, Poland, Bahrain and Czech Republic. It caters to diverse segments of industrial packaging, lifestyle, healthcare, auto components and infrastructural products.
With its headquarters in St. Louis, Missouri, USA, Solutia operates globally with approximately 3,300 employees in more than 50 worldwide locations with an annual revenue of approximate $2 billion.
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