The acquisition of Heubach by Sudarshan Chemicals should increase competition for Ultramarine’s pigment business. Sudarshan will try to fill up capacities to drive operating leverage. It might sell products at a more competitive price than Ultramarine.
Secondly, if Sudarshan is successful in utilising the customer base of Heubach, it will be able to penetrate deeper into pigment export markets at the cost of Ultramarine.
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