The company had offered a voluntary retirement/separation scheme along with an alternate option of relocation to its other factories/establishments to all workmen of the Bhandup plant.
Asian Paints today said it has closed down its oldest plant at Bhandup in Mumbai and all employees of the unit have either taken voluntary retirement or shifted to its some other plants. The Bhandup plant had started production in 1958 and had employee strength of over 100.
"The company has discontinued manufacturing activities at the plant with effect from May 5, 2014," Asian Paints said in a filing to the BSE. It further said that the company had offered a voluntary retirement/separation scheme along with an alternate option of relocation to its other factories/establishments to all workmen of the Bhandup plant.
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"All workmen have accepted either the Voluntary Retirement/Separation Scheme or relocation to another factory/establishment of the company," it added. The Bhandup plant had an installed capacity of 30,000 kl per annum. it was producing decorative paints. Asian Paints, which had acquired controlling stakes of its rival Berger Paints, has an installed capacity of 9,00,000 kl per annum. It has six other plants manufacturing decorative paints at Gujarat, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, Haryana and Maharashtra.
It also manufactures industrial paints at Sarigam at Gujarat and Taloja at Maharashtra. It has two other plants at Tamil Nadu and Gujarat manufacturing chemicals. Established in 1942, Asian Paints is among the leading paints company in India. It operates in 17 countries and has 25 paint manufacturing facilities in the world servicing consumers in over 65 countries.
Asian Paints stock price
On May 05, 2014, Asian Paints closed at Rs 518.50, up Rs 8.90, or 1.75 percent. The 52-week high of the share was Rs 560.00 and the 52-week low was Rs 376.35.
The company's trailing 12-month (TTM) EPS was at Rs 11.90 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 43.57. The latest book value of the company is Rs 31.51 per share. At current value, the price-to-book value of the company is 16.46.
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