CIC sells Chemifix to Pidilite Lanka

CIC Holdings Plc has sold its subsidiary, Chemifix including trade mark and other brands associated with PVAC adhesives to foreign owned adhesive specialist Pidilite Lanka Ltd., for Rs. 345 million, it said in a stock filing.

CIC said it will continue to manufacture the products to Pidilite Lanka Ltd., under a tolling agreement for the next three years which may be extended by mutual consent and will also be the sole distributor for part of their adhesive and stationary range.

Pidilite International Pte Ltd., along with Pidilite Middle East Ltd., the majority shareholders of Pidilite Lanka Ltd., are wholly owned subsidiaries of Pidilite Industries Ltd., a reputed adhesive manufacturer.

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