Spanish company Roca acquires Espiem Plastics

Chennai, June 23 (IANS) Spanish company Roca announced Monday it has acquired 100 percent equity in Espiem Plastics, maker of toilet cisterns and seat covers.

In a statement, Roca India, subsidiary of the Spanish bathroom fittings major, said Espiem Plastics is now a wholly owned subsidiary of the Roca Group.

Espiem Plastics has two manufacturing units, one in Sriperumbuder near here and another at Uttarakhand, with a total capacity of 1.65 million cisterns and 1.35 million seat covers.

Established in 1987 as a partnership firm, Espiem Plastics was strengthened in 1998 when EID Parry India joined the firm as an equity partner with 26 percent stake.

Later, when Roca increased its stakes in Parryware Roca Pvt. Ltd. - an equal joint venture between Roca and Murugappa group's EID Parry - the investment by EID Parry in Espiem Plastics got vested with Roca.

"We are happy to have brought Espiem Plastics within the fold of the Roca Group with an objective to tap the promising potential of the Indian market and offer high quality products to our consumers," Pau Abello, managing director of Roca was quoted as saying in the statement.