Atul Ltd's polymer div acquires Polygrip for Rs 10 cr
Atul Ltd today said its polymer division has acquired Polygrip, the country's leading rubber and PU-based adhesive brand, for Rs 10 crore.
By PTI |
MUMBAI: Atul Ltd today said its polymer division has acquired Polygrip, the country's leading rubber and PU-based adhesive brand, for Rs 10 crore.
With this acquisition Atul Ltd has entered the rubber and PU segment.
"This acquisition will give Atul a ready access to the rubber and PU-based adhesives market in India. The synergetic acquisition by Atul will boost the confidence of the existing customers of Polygrip," Atul's polymer division's President Rajesh Bhasin told media persons here.
Currently, the market for rubber and PU-based adhesives is estimated at around Rs 500 crore.
"In terms of volumes, Polygrip contributes to 7 per cent of the marketshare, which is around 4,000 tonnes. But after the acquisition, I am confident that we would be able to double our production in the next two-years," Polygrip's Founder member Kirti Mehta said.
He said Atul would utilise the Lapox (an Atul brand) sales and marketing network to promote Polygrip in retail markets across India. Polygrip had recorded sales of Rs 30 crore in the last fiscal.
Bhasin said the company would focus on strengthening the Polygrip brand in the industrial/institutional business by enhanced focus on various market segments such as automobile, footwear, furniture, upholstery, ducting, carpet, luggage, OEMs and also upgrading the product portfolio and introducing customised products for various industries.
On the other hand, Atul's polymer division is eyeing sales of Rs 100 crore in the next three-years. "We are expanding into international markets as well. I am confident that by the year 2013-14, Lapox will be a dominant brand in India," Bhasin said.
The company also has plans to enter into the household segment of adhesives. "But that would be in the second phase. Now we want to concentrate on the industrial segment. But in due course we will enter into the household market as well," he added.
With this acquisition Atul Ltd has entered the rubber and PU segment.
"This acquisition will give Atul a ready access to the rubber and PU-based adhesives market in India. The synergetic acquisition by Atul will boost the confidence of the existing customers of Polygrip," Atul's polymer division's President Rajesh Bhasin told media persons here.
Currently, the market for rubber and PU-based adhesives is estimated at around Rs 500 crore.
"In terms of volumes, Polygrip contributes to 7 per cent of the marketshare, which is around 4,000 tonnes. But after the acquisition, I am confident that we would be able to double our production in the next two-years," Polygrip's Founder member Kirti Mehta said.
He said Atul would utilise the Lapox (an Atul brand) sales and marketing network to promote Polygrip in retail markets across India. Polygrip had recorded sales of Rs 30 crore in the last fiscal.
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Bhasin said the company would focus on strengthening the Polygrip brand in the industrial/institutional business by enhanced focus on various market segments such as automobile, footwear, furniture, upholstery, ducting, carpet, luggage, OEMs and also upgrading the product portfolio and introducing customised products for various industries.
On the other hand, Atul's polymer division is eyeing sales of Rs 100 crore in the next three-years. "We are expanding into international markets as well. I am confident that by the year 2013-14, Lapox will be a dominant brand in India," Bhasin said.
The company also has plans to enter into the household segment of adhesives. "But that would be in the second phase. Now we want to concentrate on the industrial segment. But in due course we will enter into the household market as well," he added.
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