The Mumbai-based specialty chemicals manufacturer Chembond Chemicals Ltd has signed an agreement with Henkel Adhesives Technologies India Pvt Ltd, a subsidiary of Germany-based Henkel AG & Co KGaA, to divest its 49% shareholding in Henkel Chembond Surface Technologies Ltd.

 Established in 1974 by Chembond founder Dr Vinod D Shah, the division was one of the leading players in the metal treatment industry in India. “This divestment brings to an end a successful partnership between two highly reputed companies that came together to introduce newer technologies and grow along with the emerging industries in India. Guided by a common vision of exploiting synergies to deliver superior customer value was rewarded with over 40 times growth in sales during the 20 years of the partnership. We have a sense of great accomplishment and wish Henkel well for the future,” said Sameer V. Shah, Chairman and Managing Director, Chembond Chemicals Ltd. 

Nirmal V. Shah, Managing Director, Chembond Chemicals Ltd, said, “Our decision to divest was based on a number of factors including a strategy to invest in and grow our water treatment, construction chemicals, industrial and high performance coatings, animal nutrition and industrial enzymes businesses. We have also just initiated new businesses like bio-based polyamides and the recently signed JV with Calvatis GmbH for industrial cleaning and hygiene systems for the food, beverage, brewing and dairy industries.”