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Chembond Chemicals divests 49% shareholding in JV with Henkel

This divestment brings to an end a successful partnership between two highly reputed companies that came together to introduce newer technologies and grow along with the emerging industries in India.

May 23, 2015 2:07 IST | India Infoline News Service
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Chembond Chemicals Ltd, Mumbai announced today that it has signed an agreement with Henkel to divest its 49% shareholding in Henkel Chembond Surface Technologies Ltd.

“Established in 1974 by our founder Dr. Vinod D. Shah, the division was a pioneer in the metal treatment industry in the country. This divestment brings to an end a successful partnership between two highly reputed companies that came together to introduce newer technologies and grow along with the emerging industries in India. Guided by a common vision of exploiting synergies to deliver superior customer valuepaid us rich dividends with the JV becoming a market leader within its initial years itself and delivering over 40 times growth in sales during the 20 years of the partnership. We have a sense of great accomplishment and wish Henkel well for the future”, says Mr. Sameer V. Shah, Chairman and Managing Director, Chembond Chemicals Ltd.

“Our decision to divest was based on a number of factors, including a strategy to invest in and grow our water treatment, construction chemicals, industrial and high performance coatings, animal nutrition and industrial enzymes businesses. We have also just initiated new businesses like bio-based polyamides and the recently signed JV with Calvatis GmbH for industrial cleaning and hygiene systems for the food, beverage, brewing and dairy industries”, adds Nirmal V. Shah, Managing Director, Chembond Chemicals Ltd.

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