Binani Industries Limited (BIL), the holding company of the $1.6-billion Braj Binani Group, has acquired 3B, a Belgian fibreglass major, for euro 275 million. This is the third such global acquisition of the group in six years. Last year, the group acquired US-based composite maker CPI Inc.
Binani Industries has acquired the entire equity interest in 3B from private equity investor Platinum Equity. Binani is one of India’s leading global diversified business houses, with interests in cement, zinc, glass fibre, composites and ready-mix concrete.
Headquartered in Battice, Belgium, 3B is Europe’s leading manufacturer of fibreglass for reinforcement of thermoplastics and thermoset polymer applications, and is a preferred supplier to global leaders in industries, including automotive and wind energy.
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(updated - 02 Feb 2012)
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Binani Industries buys Belgian fibreglass company 3B for euro 275 mn
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Binani will now become a prominent supplier to industries such as automotive, wind energy, electrical, electronics, marine, infrastructure and transportation, primarily in Europe, where approximately 90 per cent of 3B’s customers are based. Moreover, the manufacturing plants that Binani Industries will own in Battice (Belgium) and Birkeland (Norway) will help it serve blue-chip customers in northern and central Europe. About 45 per cent of 3B’s customers are in the industrially advanced countries.
3B posted net sales of euro 159 million in 2010. It also plans to set up a new expansion facility in Tunisia in 2013. That will raise its capacity to 2,00,000 tonnes per annum (tpa).