INDIA: Kiri Dyes and Chemicals acquire Germany-based Dystar Group
Kiri Dyes and Chemicals Ltd (KDCL) said it has acquired Germany-based Dystar Group with the support of its joint venture partner Longsheng Group.
The company has acquired Dystar Group through its special purpose vehicle - Kiri Holding Singapore Pvt Ltd, Kiri Dyes and Chemicals said in a filing to the Bombay Stock Exchange (BSE). The SPV is a joint venture between KDCL and Longsheng Group. KDCL has completed all the conditions of assets purchase agreement in terms of financing, anti trust clearance, approval from creditors' committee of DyStar, a company statement said.
The acquisition of DyStar will provide KDCL access to new markets and customer groups, especially in Europe, it added. Kiri has prepared a detailed restructuring plan to make DyStar prodfitable, it added. The firm was advised by SBI Capital Markets and Angermann M&A International GmbH.
The company, however, did not provide any financial details.
Dystar Group is the market leader for dyes, leather and chemicals and has 21 per cent market share globally. It has sales and technical support presence in all key markets, agencies in 50 countries and 18 production facilities in 12 countries with a total employee strength of around 3500.
Source: Kiri Dyes and Chemicals Ltd • News Courtesy: BharatTextile.com
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