Kolkata, Aug 18 (UNI) Berger Paints India Ltd, the second largest paint producer of India, today acquired Bolix SA (Bolix) of Poland, a leading provider of External Insulation Finishing Systems (EIFS) from Advent International, a global private equity group.
Bolix was the largest provider of EIFS in the B2B segment in Poland with annual turnover exceeded 45.5 million US Dollars in 2007.
Commenting on the acquisition, Mr K S Dhingra, Chairman of Berger, said Bolix represented the foray of Berger in the European Union.
Berger was excited about Bolix's prospects in Poland and elsewhere, he said in an email.
Berger will actively support Bolix in furthering its business in various parts of Europe, including Russia, and will also explore marketing of EIFS in India, where it was yet to be introduced.
The relationship between Berger and Bolix was expected to contribute significant synergistic benefits in terms of marketing, exports, procurement and technology.
Berger would work for a healthy integration process with cooperation of people from all levels.
Mr Gerald Adams, Director of Berger, would act as Chairman of Bolix.
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