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Wednesday, 30 September 2020
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Markets & companies

RPM’s Carboline subsidiary acquires majority interest in Indian joint venture

Friday, 9 October 2009

RPM’s Carboline subsidiary, manufacturer of corrosion protection and fireproofing products, will now own an 80 % majority position in CDC Carboline India.

RPM International Inc., a holding company of global specialty coatings, building materials and services businesses, has announced that its Carboline subsidiary has acquired a majority interest in its Indian joint venture, CDC Carboline India Pvt. Ltd. Based in Chennai, India, the joint venture manufactures corrosion protection and fireproofing products predominately for the petrochemical, power, fabrication, and commercial and industrial fireproofing markets. As a result of this transaction, the subsidiary, which is part of the holding’s Performance Coatings Group, will own an 80 % majority position in CDC Carboline India. The company’s founder, Daniel Chittayagam, will retain 20 % ownership and remain as managing director. The transaction is expected to be accretive to earnings within one year.

The Indian joint venture, CDC Carboline India Pvt. Ltd., has annual sales of approximately USD 8 million. Source: Imageteam/www.fotolia.de

The Indian joint venture, CDC Carboline India Pvt. Ltd., has annual sales of approximately USD 8 million. Source: Imageteam/www.fotolia.de

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