Huntsman Sells India-Based DIY Consumer Adhesives Business to Pidilite
The all-cash transaction is valued at up to $285 million, excluding customary working capital and other adjustments.
Huntsman Corp. recently announced that it has sold its India-based do-it-yourself (DIY) consumer adhesives business, part of the Advanced Materials division, to Pidilite Industries Ltd. in an all-cash transaction valued at up to $285 million, excluding customary working capital and other adjustments. The transaction value represents a 2019 adjusted EBITDA multiple of approximately 15 times.
Huntsman received approximately $257 million in cash at closing. In addition, under the terms of the agreement, Huntsman may receive up to approximately $28 million of additional cash under an earnout within 18 months if the business achieves sales revenue in line with 2019.