Berger Paints Approves Acquisition Of Saboo Coatings

Berger Paints stock is trading flat with some positive bias. The board of Berger Paints approved the acquisition of 100% stake in Chandigarh-based, niche paint maker Saboo Coatings for a total consideration of Rs 81.77 Cr.

The board has also approved the acquisition of 51% stake in Saboo Hesse Wood Coatings Pvt. Ltd. for a sum of Rs 1.5 Cr.

Saboo Coatings Pvt. Ltd. is engaged in carrying out the business of manufacturing speciality liquid coatings classified as ‘Industrial Coatings’ by the paint industry in the segments of agriculture and construction equipment (ACE), automotive, fans, electronics, elevators etc.

The two companies can support each other in various areas such as manufacturing, selling, distribution, procurement., technology etc.

The company has also reported its financial results for the quarter ended March 31, 2017, wherein revenue from operations and other income stood at Rs 5104 Cr showing a Y-o-Y increase of 8.2%. The peers of Berger Paints, Asian Paints and Kansai are also trading flat in the morning hours on Wednesday.

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