VILLEJUST, France (Feb. 22, 2008) — Eliokem has completed the acquisition of the Polymer Division from Apar Industries Ltd., India for $28 million.
Eliokem said the Indian acquisition is the result of the ambitious expansion strategy of the company in Asia supported by Eliokem's main shareholder, AXA Private Equity.
After the acquisition Eliokem's global revenues will reach $296.5 million for a combined capacity of more than 100,000 tons of polymer.
The plant, located in the petrochemical zone in the western state of Gujarat, adds and complements Eliokem's offering in nitrile polymers and polyblends styrene butadiene reinforcing resins and latices for serving the rubber industry.