The Pawan Ruia Group on Wednesday announced the signing of binding agreements to purchase two more companies in the sealant segment. While one company was to be bought from a London- based private equity-led consortium, the other was from a trustee. The price of neither of the acquisitions was revealed.
One of these is a German company, Meteor Gummiwerke K H Badje GmbH, which makes sealants for the automotive as well as non-automotive segment, with six plants spread across Germany, Czechoslovakia and the U.S. It has 2,445 people on its rolls. The other company Standard Profil Otomotv SAN, is based in Turkey with plants in Bulgaria and South Africa also. It employs 3498 people. SP will be bought from a U.K.-headquartered Bancroft Private Equity-led consortium, through a transfer of all the shares of Standard Profil A.S.