Kiri Dyes buys DyStar for e50 mn

MUMBAI: Manufacturer and exporter of dyes, Kiri Dyes and Chemicals (KDCL), on Monday said it has paid e50 million for the acquisition of Germany-based multinational firm DyStar.

DyStar is the global market leader for dyes, dyes and leather solutions, performance chemicals, new technologies and custom manufacturing of special dyes and pigments with a 21% market share globally and sales of e800 million.

“We have completed DyStar acquisition through our special purpose vehicle Kiri Holding Singapore. Gujarat-based KDCL paid EURO 50 million to complete the acquisition,” Kiri Dyes MD Manish Kiri said.

Kiri has also acquired DyStar’s patents, IP rights, brand names, trademarks and subsidiaries in 22 countries across the world.

“We have acquired DyStar from insolvency proceedings in Germany and have avoided taking over all liabilities, including employees and bank liabilities in Germany, the most crucial part in trans-border acquisitions, especially Europe,” Mr Kiri said.

KDCL has plans to turnaround DyStar by replacing the high-cost German manufacturing base with low-cost production in India and China.