Solvay Specialties acquires Gharda Chemicals polymer division

New Delhi, May 12 (UNI) Solvay Specialities India Pvt Ltd, today announced it has acquired the Rs 500 million worth Polymer Division of Gharda Chemicals Limited, situated in Panoli, Gujarat.

The Polymers Division of Gharda Chemicals has a state-of-the-art R&D center and production plant, with about 175 employees and annual revenues of over Rs 500 million.

The division develops, manufacturers, and markets a range of speciality grades, high performance polymers and related monomers.

Solvay plans to synergize the polymer division with Solvay Advanced Polymers, L L C, headquartered in Alpharetta, Georgia, US and intends to invest in this strategic location to develop it into a global center for the development and production of speciality polymers and other innovative materials.

DSP Merrill Lynch Ltd was the financial advisor to Gharda Chemicals Limited for this transaction. Solvay Specialities India Pvt Ltd is a subsidary of Belgium based Solvay S A.

UNI MP RA BD2039