Manali Petrochemicals (MPL), a part of Singapore’s AM International, has acquired UK-based Penn Globe for £21 million.
Penn Globe is a market leader in foam control agents and chemical products like lubricants, surface coatings, release agents and silicone emulsions. The boards of the two companies unanimously approved the acquisition.
“The addition of Penn Globe 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,” informs Ashwin Muthiah, Chairman, MPL and Founder-Chairman of AM International.
MPL, India’s only integrated manufacturer of polyols, informs hat the acquisition will help it in accessing new technologies and improve its existing systems and applications.
“The offerings by Penn Globe Limited strategically complement the existing portfolio at MPL. We foresee enhanced value from the enterprises’ R&D and product innovations. It will also add to the company’s speciality and value-added product portfolio, which has witnessed a steady growth in demand over the years,” says Muthukrishnan Ravi, MD, MPL and Central Executive Officer, Petrochemicals, AMIH, Singapore.
“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,” says John Whitehead, Managing Director, Penn Globe.