India’s Pidilite Industries Ltd, signed a definitive agreement with Huntsman Group  for acquiring a 100 percent stake in one of its subsidiaries in India – Huntsman Advanced Materials Solutions Pvt Ltd (HAMSPL) — for  over $300 million.

HAMSPL manufactures and sells adhesives, sealants, and other products under brands such as Araldite, Araldite Karpenter, and Araseal in India.

In addition to the Indian sub-continent business, the acquisition includes a trademark license for the Middle East, Africa, and ASEAN countries.

Under the terms of the agreement, Huntsman will receive approximately 90 percent of the cash consideration at closing and balance approximately 10 percent under an earnout within 18 months if the business achieves sales revenue in-line with 2019. Bharat Puri, Managing Director, Pidilite Industries, said: “With this acquisition, Araldite will add to the already very strong portfolio of Pidilite’s adhesive and sealant brands and will complement our retail portfolio. We are confident that this acquisition will create significant shareholder value through strong revenue and cost synergies. We look forward to warmly welcoming the HAMSPL team and the trade and business partners to the Pidilite family.”