Pidilite Industries announces the acquisition of majority stake in Tenax India Stone Products Pvt. Ltd. an Indian subsidiary of Tenax SPA (Italy)
National, : Pidilite Industries Ltd. (Pidilite) a leading manufacturer of adhesives, sealants, construction chemicals, consumer adhesive, and specialty chemicals has entered into a definitive agreement with Tenax SPA (Tenax Italy) for acquiring 70% of the share capital of Tenax India Stone Products Pvt. Ltd. (Tenax India) for cash consideration of approx. Rs. 80 crore (depending upon actual working capital and cash at the time of closing).
Tenax Italy is the leading manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry. Tenax India, incorporated in
2005, is a subsidiary of Tenax Italy engaged in the sales and distribution of Tenax Italy products for the retail market in India.
Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd. said “This acquisition will help expand Pidilite’s presence in the fast-growing adhesives, coatings and surface treatment chemicals market for the marble and stone Industry and bring world class technology to India by investing in a manufacturing plant”
Mr. Igino Bombana, Group President, Tenax SPA said “We are excited about the partnership between Pidilite and Tenax spa to consolidate our presence in the fast-growing retail market in India and adjacent SAARC markets” through Tenax India Stone Products Pvt. Ltd.
Post the acquisition, Tenax India will become a subsidiary of Pidilite. This acquisition by Pidilite will enable Tenax India to fully leverage the sales, distribution and marketing capability of Pidilite in India and SAARC markets. Tenax Italy will continue to be a partner (having 30% stake) in Tenax India and provide full support to Tenax India through its
technical and market understanding of marble, granite and stones business in India and SAARC markets.