Pidilite Industries, an adhesives manufacturing company and the maker of Fevicol, announced entering into an agreement with Italy’s Tenax SPA for acquiring a 70% stake in Tenax India Stone Products for about Rs 80 crore.
Tenax is an Italy-based company founded in 1956. The Tenax Group has 10 branches across five continents. The company sells adhesives, coatings, surface treatment chemicals and abrasives for the marble, granite and stone industry in India since 2005. The company works in India through its subsidiary Tenax India.
As per a media report, Bharat Puri, Managing Director, Pidilite Industries Ltd, commented on the acquisition, he said, “This acquisition will help expand Pidilite’s presence in the fast-growing adhesives, coatings and surface treatment chemicals market for the marble and stone Industry and bring world class technology to India by investing in a manufacturing plant.”
Post acquisition, Tenax India will be positioned as a subsidiary of Pidilite Industries. Tenax Italy will continue to be a partner through its 30% stake in the India unit and provide technical support, a statement read.
Igino Bombana, Group President, Tenax SPA, said, “We are excited about the partnership between Pidilite and Tenax spa to consolidate our presence in the fast-growing retail market in India and adjacent SAARC markets.”
Tenax has reach to some of the major markets of the world that include: Italy, Brazil, China, Germany, India, Spain, Turkey and USA.
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