Overseas Chemical Companies Acquire in India

Two multinationals announced acquisitions in India during the past month. Rhodia agreed to acquire PI Polymer, the engineering plastics compounding business of chemical firm PI Industries (Udaipur). Separately, Sumitomo Chemical bought agchem producer New Chemi Industries (Mumbai). PI Polymer expects to achieve sales of $13 million in the fiscal year ending March 31, 2011. The acquisition price represents an estimated 2010-11 Ebitda multiple of about 7, Rhodia says. The deal covers one compounding plant, as well as R&D capabilities, customer base, and a...

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