New Delhi, Sept 11: India’s largest paint maker Asian Paints said on Thursday it had acquired Fiji’s Taubmans Paints for $1.42 million. Taubmans Paints, Fiji's fourth biggest paint company, had consolidated sales of $2 million in the financial year 2002.
The company in a statement informed the BSE that it had bought the stake from Akzo Nobel, which held 65 per cent, and its local partner, Fijian Holdings, which held the remaining 35 per cent. Asian Paints (India) vice chairman and managing director Ashwin Dani said "this was done to consolidate our leadership position in Fiji and strenghten our presence in Asia-Pacific. Taubmans' operations, product range and segment presence are complimentary to our existing operations in that country and this will enable us to derive numerous synergies from this acquisition", a report said.
Bureau Report