SRF Snaps Up DuPont's Pharma Propellant Biz for $20 Million
Published: Jan 02, 2015
January 2, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff
India-based SRF Limited announced on Jan. 1 that it had acquired DuPont Dymel, a propellant business of the U.S. company, DuPont . SRF is set to pay approximately $20 million, according to the India Times.
“This acquisition is in sync with our long term strategy to move up the value chain and will enable us to enter the niche pharma product segment,” said Ashish Bharat Ram, managing director at SRF. “The growth in the Metered Dose Inhalers sector is expected to be reasonably robust in the years to come and with India playing a major role in this sector we are ideally positioned to take benefit of this opportunity. This will also offer great synergy with our existing HFC plants going forward.”
As a result of the deal, the Dymel name will be transferred over to SRF. The company will also gain access to more pharmaceutical utilities, allowing it to further develop HFC 134a. Thus far, HFC 134a has been approved as an environmentally safe alternative propellant for medical applications.
“DuPont is making this move to enable a stronger focus on developing and commercializing the company’s new family of products,” said Kathryn McCord, global business director at DuPont Fluorochemicals. “We believe this business is an excellent fit for SRF, which already supplies to the pharmaceutical industry.”
The Continuation of Growth
The SRF group has been around since 1973, and it continues to grow today through its acquisitions, sales and product developments. SRF Limited announced in October 2014 that it had seen a 60 percent jump in its net profit after tax in the second quarter, compared to the same quarter in 2013.
“The overall operations performed well this quarter,” Ram said at the time. “The company’s strategy of growing the Chemicals Business is paying dividends. Our traditional businesses should pick up once the economy rebounds.”
Its chemicals and polymers business saw 146 percent growth in its operating profit. Meanwhile its packaging films business grew by 17 percent.
SRF has a turnover of approximately $675 million, and its business portfolio includes everything from fluorochemicals to specialty chemicals. The company, which is headquartered in India, has more than 5,000 employees and operations in Thailand and South Africa.