SRF acquires pharma propellant business of DuPont1 min read . Updated: 01 Jan 2015, 11:13 PM IST
SRF to own DuPont Dymel brand and receive technology to set up its own manufacturing facility
Mumbai: Refrigerants manufacturer SRF Ltd said on Thursday that it has agreed to purchase the global pharmaceutical propellant business from US chemicals maker DuPont for an undisclosed amount.
Pharma propellants, used in inhalers, is part of the performance chemicals business of DuPont and the group wanted to separate this business by mid-2015. SRF’s acquisition of this unit comes into force with immediate effect, the company said in a release.
Under the transaction, SRF will own the DuPont Dymel brand and will also receive the technology and know-how for setting up its own manufacturing facility for this product. Under the terms, DuPont will continue to supply SRF with the product from its factory until SRF’s new plant is approved by regulators.
Currently, SRF is the only manufacturer of the pharma propellant known as HFC 134a in India using its indigenous technology. This transaction provides SRF immediate access to DuPont’s technology, brand and customers, thus enabling an instant entry into the niche pharmaceutical segment at a global level.
“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, SRF.
“DuPont is making this move to enable a stronger focus on developing and commercializing the company’s new family of products," said Kathryn K. McCord, global business director, DuPont Fluorochemicals.