Godrej & Boyce Manufacturing Company Ltd, a part of the diversified business conglomerate Godrej Group, has completed the acquisition of polyurethane (PU) foam business of Somany Foam Limited for an undisclosed amount, according to a statement.
Somany Foam Limited is owned by the promoters of Hindusthan National Glass Industries Limited, which is the country's largest container glass manufacturing company. The firm had established a greenfield PU foam and mattress manufacturing plant at SIDCUL industrial area, Haridwar in 2006.
The deal includes the acquisition of the PU foam manufacturing plant of the company.
The acquisition will help Godrej Interio, the furniture business unit of Godrej & Boyce, to foray into the business of PU foam. Besides, it will fulfil the captive requirements of foam for its furniture business. Further, it gets a ready unit for manufacturing of PU foam mattresses of different varieties.
The plant has a capacity to manufacture 6,000 TPA of PU foam.
Godrej & Boyce has a diverse range of products and services ranging from locks to aerospace, furniture to construction, appliances to custom-built critical equipment, among others.
Antique Capital was the sole advisor in the transaction.
(Edited by Joby Puthuparampil Johnson)