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12 Feb 2008  -  India / Italy

Kemrock Industries acquires Top Glass

Kemrock Industries & Exports Ltd just announced that the Company has reached an in-principle understanding to acquire the business of Top Glass SpA, Italy. The deal was negotiated and agreed in-principle on February 08, 2008, by Mr. Kalpesh Patel, Chairman and Managing Director of Kemrock and Mr. Alfonso Branca, Managing Director of Top Glass.

The acquisition of majority holding, which is subject to customary due diligence, documentation and compliances with the applicable regulations / approval would enable, Kemrock to integrate Top Glass' World renowned technical Capabilities in the field of pultrusion with Kemrock's growing reputation as Asia's leading composites manufacturer employing all the major process technologies.

This significant event in the history of Kemrock signals a major step forward in the technical competence, of pultruded products now available to the Indian and Asian Composites Market. The Company would have the enhanced capability of serving basic industries in the manner that European and North American users have enjoyed over the past few years.

Mr. Branca, Managing Director meantime foresees advantage for the Top Glass activity in Europe. Top Glass will remain an autonomous, entity as a subsidiary of Kemrock.

Top Glass are based some 20 kms north east of Milan, in a modern, state of the art pultrusion facility; and are renowned for the market leading technical expertise they exhibit.

Source : Equity Bulls