HLE Glascoat completes acquisition of 100% stake of Thaletec GmbH

HLE Glascoat Limited ("HLE") has successfully completed the transaction to acquire the global business of Thaletec GmbH ("Thaletec"), along with its wholly owned subsidiary Thaletec Inc., USA, after receiving all necessary regulatory approvals.

Pursuant to the acquisition, Thaletec is now a wholly owned subsidiary of HLE. Thaletec had revenues of Euro 26 Million in 2020.

HLE Glascoat is now a global player in manufacturing of process equipment, with 4 manufacturing facilities across India and Germany.

Commenting on this development, Mr. Himanshu Patel, Chairperson and Managing Director - HLE Glascoat Limited said, "We are pleased to announce the completion of the transaction to acquire the global business of Thaletec GmbH. I would like to thank all who were involved in successfully completing this transaction. We are now focused on the smooth transition of operations and shall strive to continue to provide customers of both, HLE Glascoat and Thaletec, with a larger and more innovative range of products, whilst continuing to focus on employee welfare and development. The integration will enhance efficiencies resulting in operational synergies, streamlining and optimization of businesses which will create value for all our stakeholders."

Innergize Solutions acted as the Strategic Advisor to HLE Glascoat on the transaction.

Shares of HLE Glascoat Limited was last trading in BSE at Rs. 5862.50 as compared to the previous close of Rs. 5852.85. The total number of shares traded during the day was 1219 in over 783 trades.

The stock hit an intraday high of Rs. 5995.00 and intraday low of 5731.00. The net turnover during the day was Rs. 7071882.00.

Source : Equity Bulls

Keywords

HLEGlascoat INE461D01010 Acquisition Complete ThaletecGmbH