ERJ staff report (DS)
Villejust, France -- Eliokem has completed the acquisition of the Polymer Division from Apar Industries Ltd, India for an amount of INR 111 Crores (Euro 19 million). Eliokem said The Indian acquisition is the result of the ambitious expansion strategy of the company in Asia which is fully supported by Eliokem's main shareholder, AXA Private Equity.
After the acquisition Eliokem's global revenues will reach € 200 million for a combined capacity in excess of 100Â 000 tons of polymer. The company expects to continue its growth path globally and across its businesses.
The plant, located in the petrochemical zone in the Western state of Gujarat, adds and complements Eliokem's offering in nitrile polymers and polyblends styrene butadiene reinforcing resins and latices for serving the rubber industry.
Eliokem India counts 220 employees with a main office in Mumbai and a manufacturing plant and Technology Center in Valia, Gujarat State. The local senior management team will remain unchanged. Mr Olivier Faussadier, Director of Ventures & Technology of Eliokem and based at the global Headquarters in France, will take up the position of Managing Director of Eliokem India.
Besides, the India Technology Center â€œDharamsinh Desai R&D Centreâ€ will constitute a strong base for new products development and innovation that will help the company extend its market shares worldwide and expanding product offering in waterborne coatings technology.
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