Manali Petrochemicals buys European manufacturer to expand its product line

1 Dec 2022 , 09:19 AM

Manali Petrochemicals Limited (MPL), India’s only integrated manufacturer of polyols and a part of AM International, Singapore, has closed the acquisition of Penn Globe Limited and the transaction was based on an Enterprise Value of GBP 21 million.

Penn Globe Limited, which is located in Cheshire, United Kingdom, is a global market leader in foam control agents and similar chemical products including lubricants, surface coatings, release agents and silicone emulsions. The Boards unanimously approved the acquisition of the company.

Commenting on the acquisition, Ashwin Muthiah, Chairman – MPL and Founder Chairman, AM International, Singapore said, “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. It is in line with our inorganic expansion vision that fosters a global focus, customerfirst mindset, and culture of innovation.

It will help the Company increase its share in the high-demand premium customer segments that command better pricing opportunities. At MPL, we are committed to investing in future-ready technologies and innovation driven solutions.”

On the strength of this development, MPL will fortify its progress in new technologies while enhancing the efficiencies of existing systems and applications. Besides, it will help augment the Company’s capabilities in catering to its global customer base. The Company is looking at implementing and scaling new technologies across India and Asia-Pac alongside Europe.

At around 9:19 AM, Manali Petrochemicals Ltd is currently trading at Rs84 per share up by Rs1.5 or 1.82% from its previous closing of Rs82.50 per share on the BSE.

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