Manali Petrochemicals acquires Penn Globe for GBP 21 million

1 Dec 2022 , 07:19 AM

Manali Petrochemicals (MPL), situated in Chennai, is part of Singapore’s AM International and recently purchased Penn Globe in the United Kingdom for GBP 21 million.

Penn Globe is a global leader in chemical goods such as lubricants, surface coatings, release agents, silicone emulsions, and foam control agents. The purchase was given unanimous approval by the boards of the two businesses.

“Adding Penn Globe is a crucial step in carrying out our growth goal.” As a strategic advantage, it gives us access to top-notch products, technology, and a skilled workforce, according to Ashwin Muthiah, chairman of MPL and founding chairman of AM International.

MPL, India’s only integrated polyol manufacturer, stated that the acquisition will allow it to access new technologies and improve its existing systems and applications.