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The Ahmedabad-based Astral Poly Technik has acquired a controlling stake (80 per cent) in the UK-based Seal It Services Ltd for Rs 44 crore.
According to a statement in the BSE, Astral Poly said Seal It Services, which offers products under the brand name Bond-it, posted a net profit of Rs 4.582 crore and revenues of Rs 132.86 crore in 2013-14. It has fixed assets of about Rs 7 crore.
The Bond-It product range includes sealants, PU foam, chemicals and mixing concentrates, adhesives and DIY (do-it-yourself) products for glazing, plumbing, tiles, flooring, roofing, construction bitumen compound, water-proofing, level & fire cement, clanning products, and paints.
Astral Poly, which manufactures CPVC pipes and fittings and speciality adhesives for plumbing, said it is planning to further consolidate its adhesives and sealants business in the coming years and is in the process of expanding its manufacturing facilities in India.
Bond-it exports its products throughout Europe, Africa and West Asia.
The shares of Astral Poly are trading without much change over the previous day’s close at Rs 846 in early trade.
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