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Stylam Industries Ratings on Watch with Developing Implications Amid 53.12% Stake Sale to AKCL
CARE Ratings has maintained Stylam Industries' ratings (CARE A+/A1) on 'Rating Watch with Developing Implications' due to the ongoing acquisition by Japan-based Aica Kogyo Company Limited (AKCL). AKCL is set to acquire up to 53.12% stake, with promoters already diluting 27.12% in February 2026 and an open offer for 26% ending March 30, 2026. The company reported strong FY25 performance with revenues of ₹1,025 crore and a healthy PAT of ₹122 crore. The rating watch reflects the potential impact of the change in shareholding on the company's operational and credit profile.
Key Highlights
Aica Kogyo (Japan) to acquire up to 53.12% stake; 27.12% already transferred by promoters in Feb 2026
Open offer for 26% equity stake expected to conclude by March 30, 2026
FY25 Total Operating Income grew to ₹1,025 crore from ₹914 crore in FY24
Financial risk profile remains strong with negligible term debt and overall gearing at 0.06x as of March 2025
9MFY26 performance shows steady growth with ₹846.35 crore revenue and ~19-20% PBILDT margins
💼 Action for Investors
Investors should monitor the final outcome of the open offer and the strategic direction under AKCL's majority ownership. The company's strong balance sheet and export focus remain key positives during this ownership transition.
Stylam Industries: Aica Kogyo Completes 27.12% Stake Acquisition; Promoter Re-classification Filed
Stylam Industries has announced a major shift in control following the completion of a 27.12% stake sale to Aica Kogyo Company, Limited. Former promoters Pushpa Gupta and Dipti Gupta have exited their entire holdings and requested re-classification to the public category. Consequently, Mr. Manav Gupta has resigned as Whole Time Director, and the board has approved remuneration hikes for the remaining Managing Director and Whole Time Director. This transition marks the formal entry of Aica Kogyo as a strategic controlling entity in the company.
Key Highlights
Aica Kogyo acquired 45,96,768 shares representing a 27.12% stake in two tranches on Feb 13 and Feb 17, 2026.
Pushpa Gupta and Dipti Gupta have ceased to hold any equity shares and are seeking de-classification from the promoter group.
Mr. Manav Gupta (Whole Time Director) and Ms. Rajesh Gill (Independent Director) have resigned effective Feb 17, 2026.
Board approved and recommended shareholder approval for increased remuneration for MD Jagdish Gupta and WTD Manit Gupta.
The change in management is pursuant to the Share Purchase Agreement and Open Offer initiated in December 2025.
💼 Action for Investors
The entry of a global strategic partner like Aica Kogyo is a significant positive for long-term growth and governance. Investors should maintain their positions while monitoring the integration process and future growth guidance from the new management.
Stylam Industries: Management Change & Promoter Exit Post 27.12% Stake Sale to Aica Kogyo
Aica Kogyo Company, Limited has completed the acquisition of a 27.12% stake (45,96,768 shares) in Stylam Industries, leading to a change in management control. Consequently, Executive Director Manav Gupta and Independent Director Rajesh Gill resigned from the board effective February 17, 2026. Outgoing promoters Pushpa Gupta and Dipti Gupta have sold their entire holdings and have been reclassified as public shareholders. The board has also recommended increasing the remuneration for the Managing Director and the remaining Whole Time Director.
Key Highlights
Aica Kogyo acquired 27.12% stake through two tranches completed on February 13 and February 17, 2026
Mr. Manav Gupta resigned as Whole Time Director and Ms. Rajesh Gill resigned as Independent Director
Pushpa Gupta and Dipti Gupta exited their entire 27.12% combined holding and are reclassified as non-promoters
Board recommended remuneration increases for MD Jagdish Gupta and WTD Manit Gupta subject to shareholder approval
💼 Action for Investors
The entry of a global strategic partner like Aica Kogyo is a significant positive for long-term growth and governance. Investors should remain invested as the company transitions under new controlling management.
Aica Kogyo Acquires 27.12% Stake in Stylam Industries at ₹2,250/Share; Open Offer Triggered
Aica Kogyo Company Ltd has completed the acquisition of a 27.12% stake in Stylam Industries through Share Purchase Agreements with the existing promoter group. The acquisition was executed in tranches, with the most recent purchase of 17.12% occurring on February 17, 2026, at a price of ₹2,250 per share. Following this transaction, Aica Kogyo has assumed joint control of the company and is now classified as a promoter. A mandatory Open Offer for an additional 26% stake is also in progress, which could increase Aica Kogyo's total holding to 53.12%.
Key Highlights
Acquired 29,01,962 shares (17.12%) on Feb 17, 2026, at a transaction price of ₹2,250 per share.
Total current holding stands at 45,96,868 shares, representing 27.12% of the total paid-up capital.
Aica Kogyo has been officially classified as a promoter and has gained joint control of Stylam Industries.
An Open Offer for 44,06,496 shares (26%) is planned to provide an exit or participation opportunity for public shareholders.
The total potential acquisition could reach 90,03,364 shares or 53.12% of the company if the Open Offer is fully subscribed.
💼 Action for Investors
Investors should note the acquisition price of ₹2,250 as a significant valuation benchmark and monitor the upcoming Open Offer timelines. The entry of a global strategic partner like Aica Kogyo is a strong positive signal for long-term institutional backing and operational synergy.
Aica Kogyo Acquires 10% Stake in Stylam Industries at ₹2,925/Share; Part of 53.12% Takeover
Aica Kogyo Company Ltd has initiated its acquisition of Stylam Industries by purchasing a 10% stake (16.94 lakh shares) at ₹2,925 per share on February 13, 2026. This transaction is part of a larger agreement to acquire up to 40% from the promoter group and an additional 26% through an open offer to public shareholders. If the open offer is fully subscribed, Aica Kogyo's total holding will reach 53.12%, resulting in a change of control. The acquirer will be classified as a promoter, signaling a significant strategic shift for the company.
Key Highlights
Acquired 16,94,906 shares representing 10% of the company on February 13, 2026, at ₹2,925 per share.
The deal involves two Share Purchase Agreements (SPAs) to acquire up to 40% stake from the existing promoter group.
An Open Offer is launched for an additional 26% stake (44,06,496 shares) from public shareholders.
Potential total acquisition of 90,03,364 shares representing 53.12% of the issued share capital.
Aica Kogyo will assume 'joint control' and be designated as a promoter of Stylam Industries.
💼 Action for Investors
Investors should monitor the stock price relative to the ₹2,925 acquisition price to evaluate the attractiveness of the open offer. The entry of a global strategic partner like Aica Kogyo is a strong long-term positive for the company's valuation and expansion prospects.
Stylam Industries Overhauls Board; AICA Kogyo Nominee Appointed as Chairman Changes
Stylam Industries has announced a major management reshuffle following a shareholders' agreement with AICA Kogyo Company, Limited. Three directors, including Whole Time Director Sachin Bhatla, have resigned, while Nobuyoshi Sakai joins as a Nominee Director from AICA Kogyo. In a significant governance move, Independent Director Sunil Kumar Sood has been appointed as the new Chairman, replacing Jagdish Gupta, who will continue as Managing Director. These changes, effective February 13, 2026, include the reconstitution of all major board committees including Audit and ESG.
Key Highlights
Resignation of three directors: Sachin Bhatla (WTD), Tirloki Nath Singla, and Vinod Kumar effective Feb 13, 2026
Appointment of Nobuyoshi Sakai (AICA Kogyo nominee) and Dr. Santosh Kumar Agrawal to the Board
Sunil Kumar Sood appointed as Chairman of the Board, replacing Jagdish Gupta who remains Managing Director
Grant of special acquirer rights to AICA Kogyo Company, Limited pursuant to the Dec 2025 agreement
Complete reconstitution of Audit, NRC, Stakeholders, Risk Management, CSR, and ESG committees
💼 Action for Investors
Investors should view the appointment of an Independent Director as Chairman and the formal entry of AICA Kogyo representatives as positive for corporate governance and strategic growth. Monitor the integration of AICA Kogyo's influence on operational efficiencies and export strategies.
Stylam Industries Announces Major Board Overhaul and Leadership Change Following AICA Kogyo Deal
Stylam Industries has implemented a significant board restructuring effective February 13, 2026, following a change in control pursuant to a shareholders agreement with AICA Kogyo Company, Limited. Three directors have resigned, and the company has appointed Mr. Nobuyoshi Sakai as a Nominee Director from AICA Kogyo. Notably, Mr. Sunil Kumar Sood, an Independent Director, has been appointed as the new Chairman, replacing Mr. Jagdish Gupta who continues as Managing Director. This transition includes the reconstitution of all major board committees and the granting of special rights to the acquirer, AICA Kogyo.
Key Highlights
Resignation of three directors including Mr. Sachin Bhatla (WTD) and Mr. Tirloki Nath Singla (Non-Executive) effective Feb 13, 2026
Appointment of AICA Kogyo nominee Mr. Nobuyoshi Sakai and Independent Director Mr. Santosh Kumar Agrawal to the board
Transition to an Independent Chairman, Mr. Sunil Kumar Sood, enhancing corporate governance standards
Grant of special acquirer rights to AICA Kogyo Company, Limited as part of the strategic partnership
Full reconstitution of Audit, NRC, Risk Management, and ESG committees to align with the new management structure
💼 Action for Investors
Investors should view the professionalization of the board and the direct involvement of AICA Kogyo as a positive long-term development for governance and global expansion. Monitor the company's upcoming performance for operational synergies resulting from this strategic change in control.
Stylam Industries Overhauls Board Following Control Change to AICA Kogyo
Stylam Industries has announced a major board restructuring effective February 13, 2026, triggered by a change in control under a shareholders agreement with AICA Kogyo Company, Limited. Three directors, including a Whole Time Director and an Independent Director, have resigned, making way for new appointments including Nobuyoshi Sakai as a Nominee Director from AICA Kogyo. Notably, Sunil Kumar Sood has been appointed as the new Chairman, replacing Jagdish Gupta, who will continue his role as Managing Director. The company also reconstituted six key board committees and granted special rights to the acquirer, AICA Kogyo.
Key Highlights
Resignation of three directors including Sachin Bhatla (WTD) and Vinod Kumar (ID) effective Feb 13, 2026.
Appointment of Nobuyoshi Sakai from AICA Kogyo as Nominee Director for a 5-year term until 2031.
Sunil Kumar Sood appointed as Chairman of the Board, replacing Jagdish Gupta who remains Managing Director.
Complete reconstitution of 6 major committees including Audit, Risk Management, and ESG committees.
Granting of special acquirer rights to AICA Kogyo Company, Limited following the December 2025 agreement.
💼 Action for Investors
Investors should closely monitor the strategic shifts likely to follow AICA Kogyo's increased influence and the appointment of an Independent Director as Chairman. The transition suggests a move towards higher corporate governance standards and potential operational synergies with the Japanese partner.
Stylam Industries Overhauls Board; Appoints New Chairman and Aica Kogyo Nominee
Stylam Industries has implemented a major board restructuring effective February 13, 2026, following a strategic agreement with Aica Kogyo Company, Limited. The overhaul includes the resignation of three directors and the appointment of Nobuyoshi Sakai as a Nominee Director representing Aica Kogyo. Notably, Sunil Kumar Sood has taken over as Chairman from Jagdish Gupta, who remains the Managing Director. These changes, which include the reconstitution of six major board committees, signal a significant shift in corporate governance and control following the December 2025 shareholders agreement.
Key Highlights
Resignation of 3 directors including Whole Time Director Sachin Bhatla due to change in control provisions.
Appointment of Aica Kogyo's Nobuyoshi Sakai as Nominee Director for a 5-year term until Feb 2031.
Sunil Kumar Sood appointed as Chairman of the Board; Jagdish Gupta continues as Managing Director.
Granting of 'acquirer special rights' to Aica Kogyo Company, Limited as part of the strategic partnership.
Full reconstitution of Audit, Risk Management, NRC, Stakeholders, CSR, and ESG committees.
💼 Action for Investors
The entry of a global strategic partner like Aica Kogyo and the separation of Chairman/MD roles are positive governance signals. Investors should monitor how this partnership enhances Stylam's export capabilities and technological edge.
Stylam Industries Overhauls Board; Aica Kogyo Nominee Appointed as Control Shifts
Stylam Industries has announced a major board restructuring effective February 13, 2026, following a change in control to Aica Kogyo Company, Limited. Three directors have resigned, and Nobuyoshi Sakai from Aica Kogyo has been appointed as a Nominee Director for a five-year term. In a significant governance shift, Independent Director Sunil Kumar Sood has replaced Jagdish Gupta as Chairman, though Gupta remains the Managing Director. The board also approved the reconstitution of six key committees and granted special rights to the new acquirer, Aica Kogyo.
Key Highlights
Resignation of 3 directors including Whole Time Director Sachin Bhatla due to change in control
Appointment of Nobuyoshi Sakai (Aica Kogyo Senior Exec) as Nominee Director until Feb 2031
Sunil Kumar Sood appointed as new Chairman, shifting to an Independent Director-led board
Reconstitution of 6 major committees: Audit, NRC, Stakeholders, Risk, CSR, and ESG
Grant of special acquirer rights to Aica Kogyo Company, Limited as per the Dec 2025 agreement
💼 Action for Investors
Investors should closely monitor the strategic direction under Aica Kogyo's influence and the impact of the new leadership on operational efficiency. The move to an Independent Chairman is a positive governance signal during this ownership transition.
Stylam Industries Overhauls Board; AICA Kogyo Nominee Appointed Following Change in Control
Stylam Industries has executed a significant board restructuring effective February 13, 2026, following a change in control linked to a shareholders' agreement with AICA Kogyo Company, Limited. Three directors have resigned, and Mr. Nobuyoshi Sakai has been appointed as a Nominee Director representing AICA Kogyo, which has also been granted special acquirer rights. In a notable governance move, the company has separated the roles of Chairman and Managing Director, with Independent Director Sunil Kumar Sood taking over the chairmanship from Jagdish Gupta. Six key board committees, including Audit and Risk Management, have been reconstituted to reflect these leadership changes.
Key Highlights
Resignation of 3 directors including Whole Time Director Sachin Bhatla and Independent Director Vinod Kumar.
Appointment of Nobuyoshi Sakai as Nominee Director for strategic partner AICA Kogyo Company, Limited.
Separation of Chairman and MD roles; Independent Director Sunil Kumar Sood appointed as new Board Chairman.
Grant of special acquirer rights to AICA Kogyo Company, Limited as per the December 2025 agreement.
Re-constitution of Audit, NRC, Stakeholders, Risk, CSR, and ESG committees.
💼 Action for Investors
Investors should view the separation of Chairman and MD roles as a positive governance step and monitor how the strategic partnership with AICA Kogyo impacts future growth and operational synergies.
Stylam Industries Q3 FY26: PAT Margins Rise to 16.97% Amid Aica Kogyo Strategic Entry
Stylam Industries reported a steady Q3 FY26 with revenue growing 6.45% YoY to ₹271 crores and EBITDA margins improving to 20.51%. A significant strategic milestone was reached with Japan's Aica Kogyo acquiring a stake (targeting 40-53%), effectively resolving a long-standing promoter family rift. The company remains net debt-free and is on track to commission a ₹320 crore capacity expansion by March 2026, with ₹227 crores already deployed. Management expects domestic growth to accelerate as they restructure the sales team following recent leadership changes.
Key Highlights
Q3 FY26 Revenue increased 6.45% YoY to ₹271 crores; 9M FY26 Revenue up 11.38% to ₹846 crores.
PAT margin improved to 16.97% from 11.95% YoY, driven by reduced forward contract losses of ₹2.33 crores.
Strategic partner Aica Kogyo to acquire up to 53% stake, including the 27% stake of exiting promoter Manav Gupta.
₹320 crore expansion project is on track for March 2026 commissioning with ₹227 crores already invested.
Export turnover for Q3 stood at ₹198 crores, representing 73% of total quarterly revenue.
💼 Action for Investors
Investors should look favorably on the resolution of the promoter dispute and the entry of a global strategic partner like Aica Kogyo. The stock remains a strong play on the laminate export theme with a significant capacity catalyst arriving in March 2026.
Stylam Industries Q3 Net Profit Rises 22.7% QoQ to ₹37.3 Cr; 9M Profit Up 20% YoY
Stylam Industries reported a strong sequential recovery in Q3 FY26, with consolidated revenue growing 14.8% QoQ to ₹292.4 crore. While quarterly net profit of ₹37.3 crore was lower than the ₹46 crore reported in the prior year's corresponding quarter, it showed a significant 22.7% jump from the preceding quarter. The nine-month (9M) performance remains robust, with net profit rising 20.1% YoY to ₹111.6 crore. The company also disclosed a full write-off of its investment in its Malaysian associate due to significant net worth erosion.
Key Highlights
Consolidated Revenue for Q3 FY26 stood at ₹292.4 crore, up 14.8% QoQ and 7.9% YoY.
Net Profit for the quarter reached ₹37.3 crore, representing a 22.7% sequential growth from Q2 FY26.
Nine-month (9M) FY26 Net Profit grew 20.1% YoY to ₹111.6 crore compared to ₹92.9 crore in 9M FY25.
Basic EPS improved to ₹22.16 in Q3 FY26 from ₹17.90 in the preceding quarter.
Fully impaired and wrote off investment of ₹35.63 lakh in Malaysian associate Alca Vstyle Sdn Bhd.
💼 Action for Investors
Investors should take confidence in the strong sequential recovery and the 20% growth in 9M profits, which indicates healthy underlying business momentum. The minor one-time impairment of the Malaysian associate is now behind the company and does not affect core operations.
Stylam Industries Q3 Net Profit Jumps 51% YoY to ₹45.99 Crore
Stylam Industries reported a strong bottom-line performance for Q3 FY26, with standalone net profit rising 51.2% year-on-year to ₹45.99 crore. Although revenue from operations saw a slight sequential decline of 7.3% compared to Q2 FY26, it maintained a 6.4% growth on a year-on-year basis. For the nine-month period ended December 2025, the company recorded a net profit of ₹111.57 crore, a 20.1% increase over the previous year. A notable development is the full impairment of the company's investment in its Malaysian associate, Alca Vstyle Sdn Bhd, due to significant losses.
Key Highlights
Net Profit for Q3 FY26 reached ₹45.99 crore, up from ₹30.41 crore in Q3 FY25.
Revenue from operations grew 6.4% YoY to ₹270.96 crore, though it dipped from ₹292.40 crore in Q2 FY26.
Basic EPS for the quarter improved significantly to ₹27.14 compared to ₹17.90 in the same quarter last year.
9-month FY26 net profit stands at ₹111.57 crore, surpassing the ₹92.86 crore achieved in 9M FY25.
The company fully wrote off its ₹35.63 lakh investment in Malaysian associate Alca Vstyle Sdn Bhd due to net worth erosion.
💼 Action for Investors
Investors should take note of the significant margin expansion and robust year-on-year profit growth despite a minor sequential revenue cooling. The company's ability to grow the bottom line consistently makes it a strong contender in the building materials and laminates segment.
Aica Kogyo to Acquire 26% Stake in Stylam Industries via Open Offer at ₹2,250 Per Share
Aica Kogyo Company, Limited has filed a Draft Letter of Offer to acquire up to 44,06,496 equity shares of Stylam Industries, representing 26% of the voting share capital. The open offer is priced at ₹2,250 per share, which will be paid in cash to public shareholders. This mandatory offer follows the Japanese company's intent to acquire a substantial stake in the Indian laminate manufacturer. The offer is not conditional on any minimum level of acceptance and is being managed by ICICI Securities Limited.
Key Highlights
Open offer to acquire 44,06,496 equity shares representing 26% of the total voting share capital.
Offer price set at ₹2,250 per equity share of face value ₹5 each.
The acquirer is Aica Kogyo Company, Limited, a prominent Japanese industrial firm.
Tentative identified date for the offer is February 4, 2026, with the draft letter filed on January 9, 2026.
The total acquisition will be settled in cash, providing an exit or partial liquidity option for public shareholders.
💼 Action for Investors
Investors should monitor the market price relative to the ₹2,250 offer price to determine if tendering shares is profitable. The entry of a Japanese strategic partner like Aica Kogyo may also signal long-term growth potential for the company.
Aica Kogyo to Acquire 26% Stake in Stylam Industries via Open Offer
Aica Kogyo Company, Limited has issued a Detailed Public Statement (DPS) to acquire up to 44,06,496 equity shares of Stylam Industries, representing 26% of the voting share capital. This open offer follows Share Purchase Agreements (SPAs) to acquire 27.12% from Seller Group 1 and up to 12.88% from Seller Group 2. The transaction is aimed at securing majority control (over 50%) of the company by the Japanese acquirer. ICICI Securities is acting as the manager to the offer, which was triggered under SEBI (SAST) Regulations.
Key Highlights
Open offer for 44,06,496 equity shares representing 26% of the total voting share capital.
Acquisition triggered by SPAs to buy 27.12% and 12.88% stakes from existing promoter groups.
Aica Kogyo aims to achieve majority shareholding (50% + 1 share) through the combined transactions.
The offer is being managed by ICICI Securities Limited following the public announcement on December 26, 2025.
The face value of the equity shares involved is ₹5 per share.
💼 Action for Investors
Investors should evaluate the final offer price once fully disclosed and consider the long-term benefits of a global strategic partner taking majority control. Existing shareholders may choose to tender shares in the open offer or hold for potential long-term value creation under new management.
Stylam Industries Resolves Promoter Dispute Over 4.55% Stake via Settlement Agreement
Stylam Industries has announced a formal compromise-cum-settlement agreement between two groups of its promoter family members to resolve long-standing disputes. The settlement concerns 7,71,400 shares, which represent approximately 4.55% of the company's equity, originally belonging to the late Smt. Rattan Devi. This agreement marks the full and final resolution of all claims and legal proceedings between the First Party (Jagdish Gupta and others) and the Second Party (Pushpa Gupta and others). The company acted as a confirming party to the agreement, ensuring the internal ownership conflict is legally concluded.
Key Highlights
Settlement reached between two promoter groups regarding 7,71,400 equity shares
Disputed shares represent approximately 4.55% of the company's total share capital
Agreement resolves all legal proceedings related to shares originally held by late Smt. Rattan Devi
The settlement was finalized on December 26, 2025, with the company as a confirming party
💼 Action for Investors
Investors should view this as a positive development as it removes a potential legal overhang and ensures stability within the promoter group. No immediate action is required, but shareholders should monitor the next shareholding pattern filing for any reclassifications.
Stylam Industries Resolves Family Dispute Over 4.55% Stake (7.71 Lakh Shares)
Stylam Industries has announced a formal compromise-cum-settlement agreement between two groups of family members/promoters on December 26, 2025. The dispute involved 7,71,400 shares, representing a 4.55% equity stake in the company, which were originally held by late Smt. Rattan Devi. This agreement marks the full and final settlement of all claims and legal proceedings related to these shares. The company acted as a confirming party to the agreement, effectively resolving internal promoter-level litigation.
Key Highlights
Settlement agreement reached between two promoter groups on December 26, 2025
Dispute involved 7,71,400 equity shares, equivalent to a 4.55% stake in the company
Shares were originally registered to late Smt. Rattan Devi before being transferred to Pushpa Gupta
Agreement provides full and final resolution of all related claims and legal proceedings
Stylam Industries Limited acted as a confirming party to the settlement
💼 Action for Investors
Investors should view this as a positive development as it removes legal uncertainty and potential friction within the promoter group. No immediate action is required as the settlement stabilizes the shareholding structure without impacting business operations.
Aica Kogyo to Acquire 40% Stake in Stylam Industries at ₹2,250/Share; Triggers Open Offer
Japanese firm Aica Kogyo Company, Ltd. has entered into two Share Purchase Agreements (SPAs) to acquire a total stake of 40% in Stylam Industries from various promoter group members. The acquisition price is set at INR 2,250 per share, which also establishes the price for a mandatory open offer to public shareholders. Upon completion of the first tranche, the acquirer will gain control of the company, marking a significant strategic shift in ownership and management. This partnership is expected to bring global expertise to Stylam's operations.
Key Highlights
Aica Kogyo to acquire 45,96,768 shares (27.12%) via SPA 1 and up to 21,82,456 shares (12.88%) via SPA 2.
The transaction price for the entire acquisition is fixed at INR 2,250 per equity share.
A mandatory open offer has been triggered for public shareholders at the same price of INR 2,250 per share.
The acquirer will assume joint control of the company alongside the existing promoter group.
Manav Gupta will resign from the Board of Directors upon consummation of the transaction.
💼 Action for Investors
Investors should note the ₹2,250 floor price provided by the open offer and the entry of a strategic Japanese partner, which is typically a long-term positive for valuation and governance. Existing shareholders may choose to tender shares in the open offer if the market price remains below the offer price or hold for potential long-term synergies.