Pidilite Industries recently acquired 70 per cent stake in Tenax India Stone Products Pvt. Ltd. in a cash deal of about ₹80 crore. The company signed an agreement with Tenax SPA (Tenax Italy) for this acquisition as Tenax India is a subsidiary of Tenax SPA which speacialises in adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone industry.
Post acquisition, Tenax India will now be a subsidiary of Pidilite and this acquisition will help Tenax India to leverage the sales. Distribution and marketing capability of Pidilite in India and the SAARC market.
“This acquisition will help expand Pidilite’s presence in the fast-growing adhesives, coatings and surface treatment chemicals market for the marble and stone industry and bring world class technology to India by investing in a manufacturing plant,” said Bharat Puri, Managing Director, Pidilite Industries.