Atul Ltd acquires adhesive brand Polygrip
Ahmedabad-based Atul Ltd., a Lalbhai Group company, has acquired Polygrip, one of the leading rubber and polyurethane (PU) based adhesive brand, through one of its divisions, Polymers. The Atul Ltd. division manufactures and markets epoxies, adhesives and sealants under the brand LAPOX which now has access to rubber and PU based adhesives market through the Rs 10 crore acquisition.
Talking about the acquisition, Rajesh Bhasin, president, Polymers, Atul said, "Polygrip compliments the current LAPOX range of adhesives and there will be no cannibalisation of any of our existing products. We will focus on strengthening the Polygrip brand in the industrial/institutional business by enhanced focus in the various market segments such as automobile, footwear, furniture, upholstery, ducting, carpet, luggage, OEMs and others by upgrading the product portfolio and introducing customised products for various industries. On the retail front we plan to focus on the hardware/foam retail markets which offer immense potential for growth for Polygrip."
According to Kirti Mehta, founder of Polygrip brand, the company had been scouting for a strategic partner to grow in Indian and overseas markets. "Atul will utilise the LAPOX sales and marketing network to promote Polygrip in the retail markets across India. There are plans to bring in more eco friendly products such as water based rubber and PU adhesives which cater to the stringent norms," he said.
Meanwhile, elaborating on the brand business of Polymers division of Atul Ltd., Bhasin said, "We currently have 20 brands, 30 products and 93 SKUs, backed by over 250 distributors strategically located all across India. In the next three years brands business of Polymers division of Atul alone will have sales crossing Rs 100 crore. Our product portfolio will have more than 50 brands. Also, the pan India distributor network will be 700 plus strong and the sales staff would be more than 200. Moreover, we are expanding into international markets as well."
The company intends to make LAPOX a dominant brand in the country by 2013-14. Atul Ltd. is also banking on its competencies in R&D. manufacturing capabilities of all major chemical process. Member of the Lalbhai Group, Atul Ltd provides manufacturing solutions to agriculture, automobile, construction, cosmetic, food and beverage, fragrance, marine, packaging, paper, pharmaceutical, and textile, among others.