Belgium-based Solvay has acquired a controlling interest in Indian surfactants producer Sunshield Chemicals, in accordance with the applicable regulatory requirements. This acquisition enables Solvay’s Novecare business to accelerate its development in India for the home and personal care, agrochemicals, coatings and industrial markets.

“We are now better geared to increase our market position in the Indian market that is currently enjoying double-digit annual growth,” explains Emmanuel Butstraen, President of Novecare. “This additional bolt-on acquisition further consolidates our leading positions in specialty surfactants in Asia and we are well-equipped to support our customers’ development in this part of the world.”

Sunshield Chemicals generated net sales of INR943 million (EUR13.5 million) in its most recent financial year ended March 31, 2012. The company produces and exports surfactants, cross-linkers and antioxidants. Working from its production site near Mumbai, Sunshield Chemicals serves a large number of markets for various applications in agrochemicals, coatings, industrial applications, home and personal care products. Sunshield Chemicals is incorporated in Mumbai and listed on the Bombay Stock Exchange.

Novecare, one of Solvay's major Global Business Units generated net sales of approximately EUR1.6 billion in 2011 and is a global leader in developing surfactant, solvent and speciality polymer solutions. Serving the agrochemicals, coatings, home and personal care, industrial, and oil and gas markets, Novecare’s technology platforms are built on leading positions in surfactants, amines, phosphorus derivatives, natural & synthetic polymers and monomers, and eco-friendly solvents.

(PRA)

Electronic Editions 2012