Berger Paints on Monday said it has acquired Poland-based Bolix S A from a global private equity group, Advent International, for an undisclosed amount.
Bolix, a leading provider of external insulation finishing system (EIFS) in Poland, had an annual turnover of $45.5 million in 2007, Berger said in a filing to the BSE. EIFS is a comprehensive solution for meeting both the insulation and decorative requirements of external walls of buildings. Besides producing insulation materials like polystyrene foam, mineral wool and auxiliary materials, such as fibre glass meshes, Bolix's products include adhesives, mortars, plasters, primers and paints, the filing added.
“Bolix represents the foray of Berger in the EU… Berger will support Bolix in furthering its business in parts of Europe including Russia and will also explore marketing of EIFS in India, where it is yet to be introduced”, Berger chairman K S Dhingra said.
Source: Times of India