07 February 2012
07 February 2012
Binani Industries has acquired a 100 per cent equity interest in 3B – The Fibreglass Company (‘3B’) from Platinum Equity.
Braj Binani Group say the acquisition forms part of their strategy to expand their footprint in the global fibreglass market. It further augments the Group’s technological and marketing capabilities in the fibreglass business.
Mr Braj Binani, Chairman, Binani Industries, said “The acquisition, costing us € 275 million, will strengthen our group’s core operations at a global level. The group is present in fast-growth business segments, of which fibreglass is one. We are among one of the few groups globally that has a robust presence in this niche segment and we are working to accelerate our fibreglass operations further over the coming years. 3B is therefore a perfect match. We look forward to leveraging its expertise, strong R&D and excellent customer network.”
According to Binani Industries, this acquisition gives full ownership of 3B’s global operating capacity of 1,50,000 tonnes per annum (tpa). It also provides access to its established customers, world-class technologies, marketing network, vast marketing geographies and skilled manpower. It allows Binani Industries to consolidate its position in the global fibreglass market by increasing its product and customer base. The company expects to become a prominent supplier to industries such as automotive, wind energy, electrical, electronics, marine, infrastructure and transportation, primarily in Europe, where approximately 90 per cent of 3B’s customers are based.
With regards to technology, Binani Industries say they will benefit from 3B’s continuous product innovation and product development undertaken at its in-house R&D unit at Battice which they say will place them in a premium position in the global fibreglass market.
Mr Hugues Jacquemin, CEO, 3B said,“With the acquisition by Binani Industries, we will be able to ensure a truly global presence. We can deliver high value marketing and technological expertise to our global buyers. We will have well-balanced and well-invested assets to serve our current and future customers in many regions of the world.’’
3B posted net sales of Euro 159 million in 2010. It also plans to set up a Greenfield expansion facility in Tunisia in 2013 that will raise its capacity to over 2,00,000 tpa.
3B is Braj Binani Group’s third global acquisition in six years. Last year, the Group acquired US-based composite maker CPI.
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