Eliokem Buys Apar Polymer Division

Eliokem, the global specialty chemical company, has completed the acquisition of the Polymer Division from Apar Industries Ltd, India on 15 February 2008 for 1.11 billion Indian rupees (14.2 million pounds; 19 million euros; US$ 28 million). Following the acquisition Eliokem’s global revenues will reach € 200 million for a combined capacity in excess of 100,000 tons of polymer.

According to the company, the plant, located in the petrochemical zone in the Western Indian state of Gujarat, complements Eliokem’s offering in nitrile polymers and polyblends styrene butadiene reinforcing resins and latices for serving the tyre and rubber industries.

“This acquisition allows Eliokem to reinforce its position in a dynamic sector within a fast growing region and to benefit from a recognised expertise of a polymer producer to develop new technologies and acquire new market shares, in the region and worldwide, including for its other brands such as Pliolite resins for exterior masonry coatings” stated Mr Jacques Collonge, Chief Executive Officer of Eliokem.

Eliokem India had revenues of around US$42 million in 2007 and a growth rate in excess of 30 per cent compared to the year before. Eliokem is majority-owned by AXA Private Equity and produces nitrile rubber and polyblends for automotive parts and lattices for tyre cord dipping.