Shares of HLE Glascoat surged 19 per cent to Rs 6,163.90 on the BSE in intra-day trade on Monday after the company acquired the global business of Thaletec GmbH. The stock of the leading manufacturer of process equipment has surpassed its previous high of Rs 5,957.80 touched on 20 September 2021.
HLE Glascoat on Friday, 17 September 2021 announced the signing of definitive agreements to acquire the global business of Thaletec GmbH, Germany as well as its subsidiary Thaletec USA, as a part of its strategy to strengthen its position further in the global markets with innovative technology. As a part of the deal, both companies have mutually agreed that Thaletec will continue to have its distinct brand identity and remain a separate business entity post the acquisition, the company said in a press release.
The current promoters have agreed to divest their entire stake in Thaletec in an all-cash transaction to HLE Glascoat. The acquisition will see the transfer of business, key technology and rich global experience garnered by Thaletec over the last two decades.
Since both HLE Glascoat and Thaletec are engaged in similar and synergistic lines of business and operations, incremental improvements in the operations of the two companies are expected. The acquisition will enhance efficiencies and combine similar business interests for both entities, resulting in operational synergies, streamlining and optimization of the businesses, the company release stated.
The acquisition is in line with the company’s strategy to expand its footprint globally and reinforces its position as a market leader in manufacturing innovative and specialized process equipment, customized solutions and systems, it added.
Ace investor, Ashish Kacholia hold 1.39 per cent stake in HLE Glascoat as on 30 June 2021, the shareholding pattern data shows.
Source: Business-Standard