Berger Paints India to acquire Poland's Bolix

29 April 2008 15:17  [Source: ICIS news]

MUMBAI (ICIS news)--Berger Paints India Limited (BPIL) has agreed to acquire Poland’s external insulation finishing system (EIFS) provider Bolix for $38.6m (€24.7m), the paint manufacturer said on Tuesday.

“In the context of the attention given by EU and other European countries to energy saving and the concerns of global warming, EIFS represents good growth potential,” BPIL said.

BPIL would buy all the shares of Bolix from Advent International, which acquired the company in 2003.

The purchase was subject to regulatory approval and the price could be adjusted at the time of completion of the transaction, the company added.

EIFS is a comprehensive solution for meeting both the insulation and decorative requirements of external walls of buildings.

($1 = €0.64)

By: Isha Jha
+65 6780 4359

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