VILLEJUST, France - Eliokem, a global specialty chemical company that is majority-owned by AXA Private Equity, has completed the acquisition of the Polymer division from Apar Industries Ltd., India, for $28 million. The acquisition is part of the company’s expansion strategy in Asia.
After the acquisition, Eliokem’s global revenues will reach €200 million for a combined capacity in excess of 100,000 tons of polymer. The plant, located in the petrochemical zone in the western state of Gujarat, complements Eliokem’s offering in nitrile polymers and polyblends styrene butadiene-reinforcing resins and latices for the rubber industry.
Eliokem India has 220 employees with a main office in Mumbai and a manufacturing plant and technology center in Valia, in the Gujarat State. The local senior management team will remain unchanged. Olivier Faussadier, Director of Ventures and Technology of Eliokem, will take up the position of Managing Director of Eliokem India.