Ahmedabad plastics and textiles manufacturer Sintex Industries acquired 81% of the share capital of Wausaukee Composites, a United States manufacturer of plastic composites. In the acquisition transaction, completed on May 31, Sintex also acquired an option to buy another 19% of the share capital after two years.
Wausaukee manufactures plastic composites for use in medical, mass transit, industrial and agricultural equipment, wind energy, commercial furnishing and recreational products. It had revenues of approximately US$23.2 million in 2006. Sintex had net sales of US$280 million in 2007. The acquisition was made through Sintex’s United States holding company, Sintex Holding USA.
Lawyers from Dorsey & Whitney’s London and Minneapolis, Minnesota offices acted as legal advisers to Sintex and its US subsidiary. Yes Bank of Mumbai acted as the financial adviser to Sintex. Milwaukee law firm Godfrey and Kahn acted for Wausaukee and its shareholders.
