TCL acquires controlling stake in Brunner Mond Group UK
Tata Chemicals Limited (TCL), through its subsidiary has signed definitive agreements with the selling shareholders viz. Wayland Investments Limited and Barclays Bank Limited, for acquiring a 63.5-per cent stake in the UK-based Brunner Mond Group UK (BM), for a total consideration of about Rs 508 crore.
The Brunner Mond Group manufactures soda ash and sodium bicarbonate, and has manufacturing locations in three countries — the UK, the Netherlands and Kenya. With this acquisition, TCL will now be one of the leading producers of soda ash in the world.
Mr Prasad Menon, Managing Director, TCL said, "This is yet another milestone on our journey towards becoming a globally competitive company. As a first step towards internationalisation, earlier this year, we became an equal partner in Indo Maroc Phosphore S.A. (IMACID), a company manufacturing phosphoric acid in Morocco. The combined entity of Brunner Mond and Tata Chemicals will now propel us further to greater strengths in technology, customer relationships and cost leadership. Furthermore, it will consolidate our position as a leading manufacturer of soda ash in the world."
This acquisition makes TCL one of the most diversified companies with manufacturing facilities in three continents and markets across the world. This deal will add over 1,000 employees across Africa and Europe. The total soda ash production capacity of the combined entity will now be close to 3 million tonnes per annum.