13 September 2012 09:29 [Source: ICIS news]
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“This acquisition will enable Solvay's Novecare business to accelerate growth plans in
The Belgian firm’s Indian operations generated €180m ($231m) in net sales last year, with seven production sites and about 900 employees in the south Asian country, it said.
Apart from Novecare, Solvay’s activities in
“With Sunshield Chemicals, we are expanding our existing industrial base in this country and reinforcing our commercial presence in strong growth market segments," Novecare president Emmanuel Butstraen said.
Solvay has signed an agreement with
The Mumbai-based firm had generated net sales of rupee (Rs) 943m ($17m) in the year ended 31 March 2012, Solvay said.
“The price of the acquisition results in an enterprise value multiple below 9x [nine times] the estimated adjusted EBITDA [earnings before interest, tax, depreciation and amortisation] for the current year,” Solvay said.
The acquisition, which is subject to regulatory approvals, is expected to be concluded in about three months, the company said.
($1 = €0.78 / $1 = Rs55.22)
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