20 December 2010 17:54 [Source: ICIS news]
HOUSTON--Rhodia is acquiring PI Industries' engineering-plastics business in India as part of its market-growth strategy, the Paris, France-based polymer producer said on Monday.
Rhodia said its goal was to increase its market share in the India polyamide compound market to more than 15% by 2015.
“We have identified strong synergies with our engineering plastics business in terms of product range and customer portfolio that will dramatically accelerate our growth in India,” said Francois Hincker, president of Rhodia Engineering Plastics.
PI Polymer forecast about $13m (€10m) in sales for its 2010-2011 fiscal year, Rhodia said, adding the acquisition price was the company's 2010-2011 earnings before interest, tax, depreciation and amortisation (EBITDA) multiple of about 7x .
PI Polymer has one industrial facility that employs more than 80 people, Rhodia said.
($1 = €0.76)
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