Pidilite Inds signs agreement with Basic Adhesives LLC, USA
Apr 19, 2023 10:46 AM | Source: capitalmarket.com
Pidilite Industries announced on Tuesday that it has entered into an agreement with Basic Adhesives LLC, USA for purchase of certain assets at an agreed consideration to be paid by company in tranches over a period of time.
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The specialty chemicals company said that the assets comprises of technology, design, trademark, copyright, domain name and trade dress etc from Basic Adhesives LLC.
Pidilite said added that the contract is subject to fulfilment of certain conditions by Basic Adhesives LLC.
Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India. Its products range also includes paint chemicals, automotive chemicals, art materials and stationery, fabric care, maintenance chemicals, industrial adhesives, industrial resins and organic pigments & preparations. Some of its major brands are Fevicol, M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Araldite and Fevicryl.
The company's consolidated net profit declined 13.22% to Rs 304.17 crore despite of 5.15% rise in revenue from operations to Rs 28,50.72 crore in Q3 FY23 over Q3 FY22.
The scrip fell 0.20% to currently trade at Rs 2,425 on the BSE.