Delhi…3 May, 2024…KARAM Safety, a leading global PPE player and fall protection solutions provider, is pleased to announce the successful acquisition of Midas Safety India, a leading player in the hand protection safety products industry. This strategic move marks an important milestone in KARAM Group’s journey to expand its presence and enhance its product offering. The acquisition of Midas Safety India strengthens KARAM Group’s position as a market leader in the safety industry, bringing KARAM’s expertise in fall protection and personal protective equipment (PPE) into the hands of Midas Safety India’s comprehensive range of hand safety protection products. Has been added to the portfolio. This synergy will enable KARAM Group to provide customers with a comprehensive range of high quality security solutions to meet their growing needs.
25-year-old KARAM Group with a turnover of Rs 1000 crore has acquired the operations of Midas Safety India with a topline of Rs 110 crore through a slump deal. Hand protection products are a major revenue contributor for Midas Safety India, which was founded 16 years ago. Today, KARAM proudly carries on that tradition by distributing flagship products under the Midas brands, Ninja®, Tectian®, Valpro® and Frontier®. This acquisition will be a good strategic and financial fit for KARAM Group and will open up significant market opportunities in the rapidly growing PPE market in India. KARAM Group is growing at 15% CAGR year on year and is targeting revenue of Rs 1400 crore by 2025 with this additional product portfolio.
Commenting on the acquisition, Hemant Sapra, President, Global Sales & Marketing, KARAM Group, said, “With the acquisition of Midas Safety India by KARAM, two major players in the PPE industry have come together. We warmly welcome Midas Safety India to the KARAM family, in line with our vision of global safety leadership and commitment to excellence. This association expands our product range, offering high quality PPE to our customers. Together, we bring together a rich history, talented people and innovative products. We are dedicated to promoting indigenous manufacturing growth, contributing to India’s global manufacturing leadership in occupational health and safety. This acquisition combines the strengths of our organizations and creates a powerful entity capable of delivering exceptional value to stakeholders, customers and employees. Through synergy in resources, technologies and talents, we aim for scale, market presence and product diversity. Together, we are shaping the future of manufacturing in India and beyond.”
Expressing his excitement, Shivakumar Krithivasan, Business Unit Head – India, Midas Safety India said, “Midas Safety India brings rich experience and expertise to KARAM Group, with a strong presence in key markets across the country. This acquisition will enable KARAM Group to leverage the distribution network, manufacturing capabilities and brand reputation of Midas Safety India to drive growth and innovation in the safety products market. We are excited about the opportunities that lie ahead as we integrate Midas Safety India into the KARAM Group. “Together, we are well-positioned to take advantage of emerging trends and provide value-added solutions to our customers across diverse industries.”
The acquisition of Midas Safety India underlines KARAM Group’s commitment to expand its product offering, enhance customer service and promote sustainable growth in the security industry. Employees are the cornerstone of a company’s success, and their dedication and talent drive the business forward. Both organizations are fully committed to supporting team members during this transition, providing them with the resources and opportunities they need to thrive. The organization will continue to maintain the highest standards of quality, integrity and innovation, while also embracing new opportunities for growth and advancement.
The Indian personal protective equipment (PPE) market shows a bright future, which is expected to grow at a CAGR of 10.20% from US$ 841.4 million in 2023 to US$ 1482 million by 2029. The market is experiencing a boom due to several driving factors such as workplace. Safety regulations and industrialization as primary factors. Due to the significant increase in awareness about workplace safety and the pressure of the COVID-19 pandemic, the demand for protective gear has increased in various sectors such as auto, healthcare, manufacturing and construction. The emergence of health concerns and hygiene maintenance has particularly impacted the PPE market space. Market players are coping by leveraging technological innovation, customization and online purchasing to expand market reach.
About Karam Group
KARAM is a leading global occupational security brand with a vast portfolio of over 3500 certified products conforming to multiple national and international standards and exports its security solutions to over 100 countries. The company has a team of 4000 professionals who are constantly developing, testing and evaluating products, giving KARAM a reputation as one of the finest global companies producing world-class personal protective equipment (PPE), fall protection Provides solutions and fixed-line. System. KARAM is a responsible brand that values empowering people, upliftment of society and enriching the environment.
About Midas Safety India
Midas Safety Pvt Ltd, India was established in 2008 and provides best-in-class hand protection and other PPE to various customers. Midas Safety India employs over 350 people across various functions and has strong manufacturing, supply chain, sales and service to serve a wide customer base spanning across automotive, chemical, electronics, energy, healthcare, food processing and infrastructure industries. Has the ability. Its distributor network is well established across India. Its ISO 9001:2015 certified manufacturing plant in Coimbatore produces gloves, sleeves, helmets and respirators with well-equipped laboratory, which assures testing and compliance with global standards – ISI, CE and ANSI. The facility is certified under Module D (EU PPE Regulation 2016/425) for the production of Class III PPE and ISO 13485 – International Standard for Medical Device Quality Management Systems.
For more information about KARAM Group and Midas Safety India, please visit:
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