German specialty chemicals maker Evonik acquires Monarch Catalyst
Mumbai: German specialty chemicals manufacturer Evonik Industries AG on Wednesday said it has signed a definitive agreement to acquire Mumbai-based catalyst supplier Monarch Catalyst Pvt. Ltd.
The two firms did not disclose the value of the transaction. The transaction is expected to close during the first half of 2015 after the required approvals are received, Evonik said.
“Monarch’s global oils & fats hydrogenation catalysts business is a broadening of the Evonik catalysts portfolio,” the firm said in the release.
Evonik has a presence in almost 100 countries around the world. It serves life sciences and fine chemicals, industrial and petrochemical market segments. It reported sales of €12.9 billion in financial year 2014 and an operating profit of about €1.9 billion.
Monarch is a family owned enterprise founded in 1973 by Dr. K. Muthukumar and Shantibhai Vadalia with its production site in Dombivli (India), near Mumbai.
Avendus Capital Pvt. Ltd was the sole financial advisor to Monarch Catalyst for the transaction.
The Monarch deal highlights the continuing attractiveness of Indian chemical sector for strategic foreign investors. Last November, Japan-based Nihon Nohyaku Co. Ltd announced that it is acquiring 74% stake in Hyderabad Chemical Ltd for an undisclosed amount.
Hyderabad Chemical is a agrochemical manufacturer with its own distribution network and research and development function.
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