Supreme Industries said that it has entered into an agreement for acquiring the Indian Piping (building and infrastructure) business of Wavin Industries for an aggregate consideration of $30 million plus networking capital on the closing date.
Wavin Industries (Wavin India) is in the business of manufacturing piping systems under the brand “Wavin” and part of the Orbia Group. It manufactures PVC pipes & fittings, CPVC pipes & fittings, HDPE pipes, PPR pipes and other products in Building and Infrastructure segment. The turnover of Wavin India for the financial year 2023-24 was Rs 1,007.50 crore.
As per the terms of the agreement, Supreme Industries would acquire all tangible fixed assets, tools, moulds & dies, spare parts, all intangible fixed assets including trademarks & Intellectual property rights, all licences, approvals & permissions, contract for power & other utilities, all material contracts, orders, rate contracts in hand and employees of Wavins Piping business.
Simultaneous to above acquisition, the company will have exclusive access to all existing technologies from the Netherlands-based parent firm Wavin B.V. and other new technologies to be developed during a period of 7 years for India and SAARC Countries.
Supreme Industries stated that the acquisition of Wavin India would result in increasing the capacity of the Piping Division by 73,000 M.T. per annum.
