GMM Pfaudler signs pact to acquire French firm Mixel for 7 million euros

Anti-corrosion products manufacturer GMM Pfaudler Ltd. will acquire a 100 percent stake in French industrial products maker Mixel France SAS in a cash deal worth 7 million euros.

The company's wholly-owned subsidiary Pfaudler GmbH signed an agreement on December 8 to acquire Mixel France SAS and its subsidiary Mixel Agitator Co Ltd, collectively known as Mixel.

The acquisition is expected to complete by February 2023.

GMM Pfaudler will pay 7 million euros for the buyout which would be funded through internal accruals and debt. An additional payment of 5,00,000 euros is subject to certain performance milestones of Mixel.

The deal is subject to certain closing conditions and regulatory approvals, as per the French law.

According to the company, the acquisition of Mixel is in line with its growth and diversification strategy. It further enhances its product portfolio and also strengthens the mixing business by bringing in additional technology and process know-how.

Mixel designs and manufactures customised mixing systems for a wide range of industrial applications. It specialises in the design and manufacture of standard and made-to-measure mixing systems used across various industries and has more than 45,000 agitators installed worldwide. Mixel has two manufacturing facilities, one in Lyon, France and the second in Beijing, China.

GMM Pfaudler Ltd. delivers corrosion-resistant technologies, systems, and services worldwide to its customers in chemical and pharmaceutical industries. It has 16 manufacturing units in different locations and employs more than 1,800 people across four continents.