Cheshire-based speciality chemical manufacturer acquired by Indian company
A deal worth £21m
Chenai-based Manali Petrochemicals Ltd (MPL) has acquired Penn Globe Ltd, located in Aston Way, Midpoint 18 Business Park, Middlewich.
Penn Globe is a market leader in foam control agents and chemical products like lubricants, surface coatings, release agents and silicone emulsions. The boards of the two companies unanimously approved the acquisition.
MPL,part of Singapore’s AM International made the acquisition through its wholly owned subsidiary AMCHEM Speciality Chemicals Private Ltd, Singapore.
The company's board has approved an additional investment of up to $35m in AMCHEM for potential overseas acquisitions. The acquisition of Penn Globe Ltd is in connection with this.
“We are delighted to be a part of Manali Petrochemicals and AM International, Singapore. This will enable us to expand and strengthen our footprints in Asia and grow our portfolio to cater to a globally diversified customer base,” said John Whitehead, managing director, Penn Globe.
“The addition of Penn Globe is an important step in the execution of our growth strategy. It gives us access to world-class products, technology, and a talented team as a strategic advantage,” said Ashwin Muthiah, chairman of MPL and founder-chairman of AM International.
MPL, which is India’s only integrated manufacturer of polyols, said the acquisition will help it in accessing new technologies and improve its existing systems and applications.
“The offerings by Penn Globe Limited strategically complement the existing portfolio at MPL –. We foresee enhanced value from the enterprises' R&D and product innovations. It will also add to the Company's speciality and value-added product portfolio, which has witnessed a steady growth in demand over the years,” said Muthukrishnan Ravi, managing director at MPL and central executive officer, petrochemicals, AMIH, Singapore.