Century Plyboards merges with Sharon

Chennai: The Century Plyboards (India) Ltd of Kolkata has taken over the ownership of Chennai-based Sharon brand, Sharon Veneers Pvt Ltd and Sharon Wood Industries Pvt Ltd after their recent merger, according to a press release from Century Plyboards.

The release quoting Mr Sajjan Bhajanka, MD, Century Plyboards, said Century Plyboards will widen the Sharon product basket by introducing decorative veneers and expand the market.

Century Plyboards has a 60 per cent market share in plywood and the merger will help to grow the market share to 78 per cent. The company is also acquiring Century Panels Pvt Ltd, another plywood maker in Karnal, Haryana.

Apart from its acquisitions, the company is also increasing its installed capacity of plywood to 84,000 cubic metres a year through greenfield projects and capacity additions in existing units.

The company also hopes to start making MDF (medium density fibre boards) in Punjab and Uttarakhand. The company plans to set up more units in other States also. The release said Century Plyboards’ mergers and acquisition programmes aim to take advantage of the growth in the sector, as the product range is rapidly replacing timber.