Neville Prior

Vivimed and Clariant Agree Deal

Neville Prior  30 September 2015 12:17:55 PM
Image:Vivimed and Clariant Agree Deal
Vivimed Labs Ltd on Wednesday said it has entered into a definitive agreement for selling some of its specialty chemical products to Clariant Chemicals (India) Ltd, a subsidiary of Switzerland based Clariant AG, for Rs 380 crore.

“A major portion of the receipts from the deal will be used to reduce debts thereby saving substantial interest costs going forward. Further, it will provide increased financial flexibility to pursue profitable growth across businesses in regulated markets,” Santosh Varalwar, MD and CEO, Vivimed, said in the statement. The definitive agreement is for the transfer and sale of identified products along with their associated trademarks and assets within the specialty chemicals division, as part of the transaction, the company will divest certain products to Clariant Chemicals, it said. The division makes ingredients for haircare, home-care and industrial segments. It counts supplier to leading global brands such as Novartis, P&G, Gilead, GSK, J&J among others. At the end of last fiscal, Vivimed Labs had Rs 1386 crore, and about 10% was contributed by the specialty chemicals business division.
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