Sri Lankaâ€™s CIC sells wood glue business for Rs345mn
ECONOMYNEXT – Sri Lanka’s CIC Holdings said it has sold its Chemifix trademark and other brands associated with its wood glue business along with technical and commercial knowhow to Pidilite Lanka (Pvt) Ltd for 345 million rupees.
The company will continue to manufacture the products for Pidilite Lanka for the next three years under a tolling agreement – a raw material processing, a stock exchange filing said.
The deal may be extended by mutual consent and CIC will also be the sole distributor for part of Pidilite’s adhesive and stationary range, it said. (Colombo/November 30 2015)