— By Plasteurope.com staff — 

A buyer has been found for the insolvent Heubach Group (Vienna; www.heubach.com). India’s pigment manufacturer Sudarshan Chemical (Pune, Maharashtra; www.sudarshan.com) has signed a binding agreement for the takeover of the competitor. According to Sudarshan, a combination of a cash payment of EUR 127.5 mn and an asset deal has been planned. Depending on the usual approvals, the transaction is expected to be finalised in the next three to four months. 

Through the acquisition, the buyer – being managed by Rajesh Rathi and currently operating two plants in India (at Roha and Mahad, both in the state of Maharashtra) with around 3,000 employees – is in the process of expanding its production network. This is because the Heubach Group, which took over Clariant’s pigments business in 2021, plans to add 17 production sites worldwide. The group’s turnover recently slipped from EUR 1.07 bn to EUR 879 mn. Heubach filed for insolvency for its German subsidiary in April.