Kanoria acquire APAG Holdings $7 million

Kanoria to acquire APAG Holdings for $7 million

7:38 AM, 23rd April 2012
Kanoria to acquire APAG Holdings for $7 million

NEW DELHI, INDIA: Kanoria Chemicals and Industries Ltd (KCI) entered into a share and loan purchase agreement to acquire APAG Holding AG, a wholly owned subsidiary APAG Elektronik AG, Switzerland. KCI will acquire 90 per cent stake in APAG Holding on closure of the transaction for a purchase consideration of CHF 6.39 million ($7.02 million). The balance 10 per cent stake will be acquired by 2014 on the basis of a pre-fixed pricing formula. As a part of the transaction, KCI will also take over the loan amounting to CHF1.30 million ($1.43 million) provided by the selling shareholders to the group.

“After the disinvestment of our Chloro Chemicals business in May 2011, KCI has been exploring diversification in knowledge based high growth areas. APAG which is known for its acumen in product designing and engineering, and is a reliable partner to the high end automotive segment in Europe, fits well into KCI’s strategy,’ said R V Kanoria, Chairman and Managing Director, KCI.

“With fast increasing demand in the high end automotive segment both in India and the rest of the world, the knowledge base of APAG can be leveraged for future expansion in various geographical segments. KCI is excited, as it is its first global foray in manufacturing, apart from being the first move towards diversification away from commodity chemicals into knowledge based high value addition sectors,” explained Kanoria.

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