Solvay completes the acquisition of Sunshield Chemicals in India
Friday, Dec 28, 2012
Solvay announced today the closing of the acquisition of a controlling interest in Sunshield Chemicals Limited, an Indian surfactants producer, in accordance with the applicable regulatory requirements. This acquisition enables Solvay’s Novecare business to accelerate its development in India for the home and personal care, agrochemicals, coatings and industrial markets.
“We are now better geared to increase our market position in the Indian market that is currently enjoying double-digit annual growth,” explains Emmanuel Butstraen, President of Novecare. “This additional bolt-on acquisition further consolidates our leading positions in specialty surfactants in Asia and we are well-equipped to support our customers’ development in this part of the world.”
Sunshield Chemicals Limited generated net sales of INR 943 million (EUR 13.5 million) in its most recent financial year ended March 31, 2012. The company produces and exports surfactants, cross-linkers and antioxidants. Working from its production site near Mumbai, Sunshield Chemicals Limited serves a large number of markets for various applications in agrochemicals, coatings, industrial applications, home and personal care products. Sunshield Chemicals Limited is incorporated in Mumbai and listed on the Bombay Stock Exchange.
Novecare, one of Solvay's major Global Business Units generated net sales of approximately €1.6 billion in 2011 and is a global leader in developing surfactant, solvent and specialty polymer solutions. Serving the agrochemicals, coatings, home and personal care, industrial, and oil and gas markets, Novecare’s technology platforms are built on leading positions in surfactants, amines, phosphorus derivatives, natural & synthetic polymers and monomers, and eco-friendly solvents.
SOLVAY is an international chemical Group committed to sustainable development with a clear focus on innovation and operational excellence. It is realizing over 90% of its sales in markets where it is among the top 3 global leaders. Solvay offers a broad range of products that contribute to improving the quality of life and the performance of its customers in markets such as consumer goods, construction, automotive, energy, water and environment, and electronics. The Group is headquartered in Brussels, employs about 31,000 people in 55 countries and generated EUR 12.7 billion in net sales in 2011 (pro forma). Solvay SA (SOLB.BE)is listed on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR).
Source: Solvay Group
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