Brussels-based chemicals company Solvay has expanded its footprint further in the Indian personal care market, through a deal with local surfactants producer Sunshield Chemicals.
Solvay enters the New Year having acquired a controlling interest in Sunshield Chemicals in accordance with the applicable regulatory requirements.
According to the European firm, the acquisition enables its Novecare business to accelerate its development in India for the home and personal caremarkets, amongst others.
"We are now better geared to increase our market position in the Indian market that is currently enjoying double-digit annual growth," explains Emmanuel Butstraen, president of Novecare.
"This additional bolt-on acquisition further consolidates our leading positions in specialty surfactants in Asia and we are well-equipped to support our customers' development in this part of the world."
Business is business
Sunshield Chemicals generated net sales of INR 943 million ($17.3 million) in its most recent financial year ended March 31, 2012.
The company produces and exports surfactants, cross-linkers and antioxidants. Working from its production site near Mumbai, it serves a large number of markets for various applications including personal care.
Novecare is one of Solvay's major Global Business Units generated net sales of approximately €1.6 billion (2.1 billion) in 2011 and is a leader in developing surfactant, solvent and specialty polymer solutions, in similar markets to that of Sunshield.