Noerr advises Sudarshan Chemical Industries Limited on acquisition of Heubach Group

With a team led by Tillmann Hecht, Till Kosche and Maurice Séché, Noerr advises listed Indian Sudarshan Chemical Industries Limited ("SCIL") on the acquisition of the Heubach Group in a combination of an asset and share deal. This strategic acquisition will create a global pigment company, combining SCIL’s operations and expertise with Heubach's technological capabilities.

Post-acquisition, the combined company will have a comprehensive pigment portfolio of high-quality products and a strong presence in major markets including Europe and the Americas. It will enhance SCIL’s product portfolio, giving it deeper access to customers and a diversified asset footprint across 19 sites globally. The combined company will be led by Rajesh Rathi and a management team.

Sudarshan Chemical Industries Limited, incorporated in 1952, is a leading pigment solutions provider with a strong global outreach of 85+ countries in the production of high performance colorants.

The Heubach Group has a 200-year history and became the second largest pigment player in the world following the integration of Clariant's pigment business in 2022. Heubach had over a billion euros in revenue in FY21 and FY22, with strong global footprint especially in Europe, Americas, and the APAC region. The Group faced financial challenges over the past two years due to rising costs, inventory issues, and high interest rates. SCIL’s acquisition of Heubach will address these challenges with a clear turnaround plan.

The transaction is subject to the fulfilment of customary closing conditions, including approvals from regulators and SCIL shareholders.

Advisors to Sudarshan Chemical Industries Limited: Noerr

Lead: Tillmann Hecht (partner, employment law), Till Kosche (partner, M&A, both Frankfurt) and Maurice Séché (partner, M&A, Düsseldorf)

Corporate/M&A: Carmen Böhn (associated partner, Frankfurt), Uwe Brendler (associated partner, Dresden), Evelin Moini (senior associate), Michael Döppner (associate), Jannik Duttlinger (associate, all Frankfurt), Alina Lucia Kolenda (associate, Düsseldorf)

Employment law: Angelika Schmid (partner, Munich), Adnan Alomerovic (associate), Daniela Reinhardt (associate), Philipp Zinndorf (associate, all Frankfurt)

International Trade & Investment Controls: Bärbel Sachs (partner), Max Helleberg (associated partner, both Berlin), Johanna Krauskopf (senior associate, Frankfurt), Nigina Zahedi (associate, Brussels)

Commercial: Pieter Krüger (senior associate, Frankfurt)

IP law: Christoph Rieken (partner), Fabian Kunkel (senior associate), Katja Steinthaler (senior associate, all Munich)

Antitrust: Fabian Badtke (partner), Lorenz Jarass (associated partner, both Frankfurt), Lucas Gasser (senior associate, Berlin), Lucie Schultz (associate, Frankfurt)

Foreign Subsidies Regulation: Sarah Blazek (partner, Munich), Annika-Kristin Stamer (senior associate, Berlin)

Public Law: Christian Alexander Mayer (partner), Joachim Rung (senior associate), Florian Rast (associate, all Munich)

Real Estate: Tim Behrens (partner), Hendrik Westendorf (associate, both Frankfurt)

Tax: Andre Happel (partner), Thomas Renner (senior associate, both Frankfurt)