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Home arrow News arrow Business News arrow RPM Int'l Increases Minority Interest in Kemrock Industries and Exports Ltd
RPM Int'l Increases Minority Interest in Kemrock Industries and Exports Ltd Print E-mail
Written by Vivek   
Saturday, 14 May 2011
Ahmedabad: RPM International Inc. will increase its minority ownership interest in Kemrock Industries and Exports Ltd. from approximately 14.9% to 15.1%.  As a result of this agreement to increase its ownership interest above 15%, RPM is required under Indian law to commence a public offer for up to an additional 20% of the outstanding shares of Kemrock.

"As we envisioned when we made our initial investment in Kemrock in 2006, it has been a key strategic business partner for RPM in India," stated Frank C. Sullivan, RPM chairman and chief executive officer. 

"Kemrock has provided us with a platform that we have leveraged to increase our presence in the rapidly growing Indian marketplace and vibrant Asia-Pacific region.  We expect that this relationship will only continue to flourish," he said.

"We've had a long-standing partnership with RPM and we welcome this additional investment as a means to further our business relationship," said Kemrock's founder and managing director, Kalpesh Patel.

Kemrock Industries registered Q3 FY11 sales of Rs. 229.3 crore and Net profit of Rs. 20.4 crore.

During the previous year (FY10), the Company had changed its financial year period from March 31, 2010 end to June 30, 2010 end; thereby declaring results for 15 months during FY10 (April 2009 to June 2010).

"The numbers clocked by the Company and the recent spate of developments are a testimony to our efforts to grow and adapt to the needs of a dynamic business environment. The results truly reflect our leadership position in the fast growing Indian composite market. With composites finding increasing application across industries, we have carved a place for ourselves in this niche segment," said Kalpesh Patel.

Q3FY11 Performance
.

    Net sales increased by 60% to Rs. 229.3 crore from Rs. 143.4 crore during the corresponding quarter previous year
    Net profit was up 73% to Rs. 20.4 crore from Rs. 11.8 crore during the corresponding quarter previous year
    EBITDA increased 126% to Rs. 67.9 crore from Rs. 30.0 crore in the corresponding quarter previous year
    On an equity capital of Rs. 16.8 crore, the fully diluted Earnings per share (EPS) stood at Rs. 11.7

9MFY11 Performance.

    Net sales of Rs. 607.5 crore
    Net profit of Rs. 49.4 crore
    EBITDA of Rs. 169.9 crore
    On an equity capital of Rs. 16.8 crore, the fully diluted Earnings per share (EPS) stood at Rs. 28.3

Kemrock Industries and Exports Ltd is a fully integrated fiberglass reinforced plastic composites manufacturer with more than $200 million in annual sales located in Vadodara, Gujarat State, India.

Traded on the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd., Kemrock is India's largest composite exporter, with its products sold in more than 50 countries worldwide.  It manufactures pultruded profiles; gratings; windmill blades; thermosetting resins; rail coach interiors and exteriors; cable management, piping and access systems; lighting poles and carbon fiber.

 
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