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Rhodia acquires polymer business of PI Industries

December 23/2010

(Plastemart) -- French Rhodia SA, a ?4billion (US$5.26 billion) specialty chemicals major, will acquire PI Polymer, the engineering plastics business of PI Industries.


In a statement to BSE, P I Industries said that the transfer includes the transfer of all the assets used and people employed by PI Polymer, research & development capabilities, customer base and logistics network in India.


The transaction is expected to complete by the end of March 2011. The divestment is a part of the P I Industries' strategy to concentrate on its agri-inputs and custom synthesis businesses, the company said.


This strategic sale is part of the corporate restructuring exercise of Standard Chartered Private Equity-backed PI Industries towards consolidating its position in its core activities of agrochem and fine chemical businesses.


Rhodia, which caters to automotive, electronics, flavors & fragrances, health, personal & home care, consumer goods & industrial segments, will get to strengthen its presence in India, with this deal.


PI Industries diversified into polymer compounding business in 1994 and since then has been closely working with OEMs in various industry segments to develop customised engineering plastics compounds for niche and complex applications for automotive, electricals and home appliances industry segments offering an unrivalled product mix of bespoke polymer compounds.


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