Binani buys 100% in Belgian co 3B, move to strengthen core ops

New Delhi: Binani Industries Ltd, the holding company of $1.6 billion Braj Binani group, on Wednesday announced the acquisition of 3B, Europe-based fibreglass company for 275

million euro (about Rs 1,782 crore).

"The Braj Binani Group has acquired a 100 percent equity interest in 3B from Platinum Equity," a company release said.

Headquartered in Battice, Belgium, 3B is Europe's leading maker of fibreglass for reinforcement of thermoplastics and thermoset polymer applications and is a preferred supplier to global leaders in industries like automotive and wind energy.

[caption id="attachment_200932" align="alignleft" width="380" caption="Co buys 3B for 275 million from Platinum Equity. Reuters"][/caption]

The acquisition is part of Braj Binani group's strategy to expand footprint in the global fibreglass market. It augments the group's technological and marketing capabilities

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in the fibreglass business, the release said.

This acquisition gives Binani industries the ownership of 3B's global operating capacity of 1,50,000 tonnes per annum, it said.

3B CEO Hugues Jacquemin said, "With the acquisition by Binani industries we will be able to ensure a truly global presence. We can deliver high value marketing and technological expertise to our global buyers. We will have well-balanced and well-balanced assets to serve our current and future customers in many regions of the world."

3B posted net sales of 159 million euro in 2010. 3B is Braj Binani group's third global acquisition in six years. Last year it had acquired US-based composite maker CPI, INC. With the latest acquisition, Binani industries is completing the vertical integration of its composite and fibreglass operations world over, the release said.

PTI