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Home  > Markets & companies  > Raw materials market  > Solvay to acquire Sunshield Chemical

Saturday, 21 September 2019
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Markets & companies, Raw materials market

Solvay to acquire Sunshield Chemical

Friday, 14 September 2012

Through the acquisition Solvay seeks to accelerate growth in coatings Market in India.

Solvay announced that it has signed an agreement to acquire a controlling interest in Sunshield Chemicals. Source: Imageteam - Fotolia.com

Solvay announced that it has signed an agreement to acquire a controlling interest in Sunshield Chemicals. Source: Imageteam - Fotolia.com

Solvay announced that it has signed an agreement to acquire a controlling interest in Sunshield Chemicals, an Indian company specializing in surfactants, from Amit Choksey Group. This acquisition will enable Solvay's Novecare business to accelerate growth plans in India for the home and personal care, agrochemicals, coatings and industrial applications markets.

"This bolt-on acquisition will enable us to speed up our pace of growth in the Indian surfactants market that is currently enjoying double-digit annual growth. With Sunshield Chemicals, we are expanding our existing industrial base in this country and reinforcing our commercial presence in strong growth market segments," explains Emmanuel Butstraen, President of Novecare.

Sunshield Chemicalsgenerated net sales of INR 943 million (EUR 13.5 million) in its most recent financial year ended March 31, 2012. This transaction enables Amit Choksey Group to focus more on their other activities in the field of pigments and other related products. The operation, subject to fulfillment of customary conditions and agreements, is expected to be concluded within a period of approximately three months.

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