homemarket Newsstocks NewsManali Petrochemicals acquires European manufacturer Penn Globe for Rs 205 crore

Manali Petrochemicals acquires European manufacturer Penn Globe for Rs 205 crore

Manali Petrochemicals acquires European manufacturer Penn Globe for Rs 205 crore
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By CNBCTV18.com Nov 30, 2022 6:24:52 PM IST (Published)

The company has acquired Penn Globe as part of a strategy to increase its share in the high-demand premium customer segments.

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Manali Petrochemicals Ltd. (MPL) has acquired Penn Globe Ltd. for an enterprise value of 21 million pounds (approximately Rs 205.17 crore) in order to further strengthen its R&D process and product line.
The all-in transaction was done through AMCHEM Speciality Chemicals Pvt. Ltd., Singapore, a wholly-owned subsidiary of MPL.
Manali Petrochemicals Ltd. (MPL), a part of Singapore-headquartered AM International, is one of India’s leading petrochemical manufacturing companies engaged in the production and distribution of propylene glycol and polyols.
The company has acquired Penn Globe as part of a strategy to increase its share in the high-demand premium customer segments that command better pricing opportunities.
London-based 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. The company also manufactures and formulates silicone, non-silicone, polyol, and polyglycol-based high-performance products for a wide range of applications, including the printing industry customers in over 35 countries.
Shares of Manali Petrochemicals closed 1.35 percent higher at Rs 82.50.Manali Petrochemicals acquires European manufacturer Penn Globe for Rs 205 crore
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