Mumbai, Feb 13: Kemrock Industries and Exports (Kemrock), India's leading composites manufacturer, has reached an in principle understanding to acquire the majority holding of Top Glass SpA, Italy.
The deal was signed by Kemrock Chairman and Managing Director Kalpesh Patel and Top Glass Managing Director Alfonso Branca at the International Conference and Exhibition on Reinforced Plastics (ICERP) 2008, the Company said in a release here today. The acquisition, which is subject to customary due diligence, documentation and compliances with the applicable regulations/approvals, will strengthen Kemrock's growing reputation as Asia's leading composites manufacturer, employing all the major process technologies.
During the resultant period of close association between the two companies, Kemrock will integrate Top Glass' world renowned technical capabilities in the field of pultrusion (a process for manufacturing composite materials).
Commenting on the development, Mr Patel said that it signalled a major step forward in technical competence of pultruded products.
''We now have the capability of serving our basic industries in the manner which European and North American users have enjoyed over the past few years,'' he added.