Chennai-based Manali Petrochemicals (MPL), part of Singapore-based AM International, on Wednesday said it has acquired UK-based Penn Globe for GBP 21 million.
Penn Globe is a market leader in foam control agents and chemical products such as lubricants, surface coatings, release agents and silicone emulsions. The boards of directors of both companies unanimously approved the takeover.
“The addition of Penn Globe is an important step in the execution of our growth strategy. It gives us access to superior products, technology and a talented team as a strategic advantage,” said Ashwin Muthiah, Chairman, MPL and Founder-Chairman of AM International.
MPL, which is the only integrated producer of polyols in India, said the acquisition will help it access new technologies and improve existing systems and applications.
“Penn Globe Limited’s offerings strategically complement the existing portfolio at MPL -. We anticipate greater value in corporate research and development and product innovation. It will also add to the company’s portfolio of specialty and value-added products, which has witnessed steady growth in demand over the years,” said Muthukrishnan Ravi, Managing Director at MPL and Central Executive Director, Petrochemicals, AMIH, Singapore.
“We are delighted to be a part of Manali Petrochemicals and AM International, Singapore. This will allow us to expand and strengthen our footprint in Asia and increase our portfolio to cater to a globally diverse client base,” said John Whitehead, CEO of Penn Globe.