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France-based BIC Group has acquired the remaining 25 per cent stake in Cello Pens, India’s largest manufacturer and distributor of writing instruments, for about ₹540 crore (about €74 million).
With the acquisition of the 25 per cent stake, Cello Pens becomes a wholly-owned subsidiary of the BIC Group, it said in a statement.
The French company had forayed into India in 2009 by acquiring a 40 per cent stake in the Cello Group. Later in July 2014, this was hiked to 75 per cent stake.
“Moving to 100 per cent ownership in Cello Pens is an opportunity to reinforce our position as India’s number one writing instrument brand and to further BIC’s development in Asia. We are confident in Cello Pens’ multicultural management team's abilities to leverage the strong asset that is the Cello brand, driving toward strong mid- and long-term growth potential,” said Bruno Bich, Chairman, BIC.
Founded in 1995, Cello Pens manufactures a wide range of pens and has two manufacturing facilities in India (Daman and Haridwar) and a workforce of around 10,000 people.
This acquisition will help to accelerate Cello Pens growth in India and support its integration within the BIC stationery category, with a focus on investing in local manufacturing, safety, and quality, it added.
BIC, a global leader in stationery, lighters, shavers and promotional products, had posted net sales of €1.9 billion in 2014.
The company, which operates 25 manufacturing facilities across five continents, employs a global workforce of 17,438.
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