Berger Paints India hit a 52-week high of Rs 212.65 on Tuesday morning as the street cheered the acquisition of Sherwin Williams Paints India. The privately held firm was acquired by Berger's subsidiary Brushworks Paints for an undisclosed sum on Monday.
Berger Paints manufactures and markets a range of decorative and industrial paint products and has operations throughout India with seven manufacturing facilities, over 135 depots, 2,500 employees and more than 15,000 dealers.
"This transaction will significantly increase our presence in key markets, it builds on our strategy to grow our architectural paint business throughout India," said, KS Dhingra, Chairman, Berger Paints.
Separately speaking on CNBC-TV18, Abhijit Roy, Berger's MD and CEO said the acquisition would become EPS (earnings per share) accretive from the first quarter of 2014.
Sherwin Williams is a US-based paints maker and the acquisition of its Indian arm will help Berger gain in the southern markets, where Sherwin Williams has strong presence.
At 9:45 hrs, Berger Paints shares were up 2.1 percent at Rs 210.55 on NSE.
Nachiket Kelkar
nachiket.kelkar@network18online.com
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