BIC Purchases India's Largest Writing Instrument Manufacturer

BIC, Clearwater, Fla., has bought a majority stake in Cello Pens, India's largest manufacturer and distributor of writing instruments. According to Forbes, BIC acquired a 60 percent stake in Cello Pens from the Rathod family for $82 million.

In March 2009, BIC had taken a 40 percent stake in six of Cello Pens' seven entities for $77 million. The agreement was that BIC would acquire the seventh entity in a year, but in 2010 Cello Pens wanted to terminate the contract, and the companies went into arbitration. This week, BIC completed the deal.