Pidilite Inds up 5% as company announces acquisition of Huntsman Advanced
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MUMBAI, Oct. 29 -- Shares of Pidilite Industries rose 4.71% after the company signed a definitive agreement with Huntsman Group (USA) for acquiring a 100% stake in its India subsidiary Huntsman Advanced Materials Solutions (HAMSPL), for Rs.2,100 crore.
At 12pm, the Pidilite Industries stock traded at Rs.1,575.65, up 3.8% from its previous close, while the benchmark index Sensex was down 0.09% at 39887.63.
In 2019, HAMPSL had reported a revenue of Rs.400 crore. In addition to the Indian sub-continent business, the acquisition includes a trademark licence for Middle East, Africa and ASEAN countries. HAMSPL manufactures and sells adhesives, sealants and other products under brands such as Araldite, Araldite Karpenter and Araseal in India....
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