Manali Petrochemicals completes acquisition of Penn Globe Ltd

This will enable us to expand and strengthen our footprints in Asia and grow our portfolio to cater to a globally diversified customer base. The boards unanimously approved the acquisition, the statement said.

Manali Petrochemicals Ltd, an integrated manufacturer of polyols, has 'closed the acquisition' of United Kingdom-based Penn Globe Ltd, a market leader in foam control agents, for an enterprise value of GBP 21 million, the city-headquartered company said on Wednesday.

The ''all-in'' acquisition was transacted through AMCHEM Speciality Chemicals Private Limited, Singapore, the company said in a statement.

The acquisition would help Manali Petrochemicals, which is also a part of the AM International, Singapore, to expand its product line and strengthen its research and development process.

''The addition of Penn Globe Limited 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,'' MPL Chairman Ashwin Muthiah said.

The acquisition would help the company increase its share in the high-demand premium customer segments that command better pricing opportunities, he said.

''At MPL, we are committed to investing in future-ready technologies and innovation driven solutions,'' he said.

Penn Globe Ltd is a global market leader in foam control agents and similar chemical products including lubricants, surface coatings, release agents and silicone emulsions.

MPL would fortify its progress in new technologies while enhancing the efficiencies of existing systems and applications.

It would help augment the company's capabilities in catering to its global customer base. Manali Petrochemicals Ltd is looking at implementing and scaling new technologies across India and Asia Pacific along with Europe, it said.

Commenting on the acquisition, Penn Globe MD John Whitehead said, ''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.'' The boards unanimously approved the acquisition, the statement said.

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