Manali Petrochemicals today announced acquisition of UK-based Notedome for about Rs 120 crore.
Notedome manufactures neuthane polyurethane cast elastomers that find application in the automotive sector for anti-roll bar, suspension and shock bushes for buses, trucks and other high-performance vehicles, limit or bump stops, material handling and in the agriculture sector for rollers, harvester components and idler wheels on track laying tractors.
The acquisition was done through Manali Petrochemicals’ UK subsidiary, AMCHEM Speciality Chemicals UK, the company said in a statement here.
“The move will facilitate MPL’s progress in new technologies and strengthen the efficiencies of existing systems and applications,” it said.
It is also expected to strengthen the specialty and value-added product portfolio, which over the years has witnessed a steady growth in demand. Besides, it will help augment the company’s capabilities in catering to its global customer base.
Ashwin C Muthiah, Chairman, Manali Petrochemicals, said, “We realise the importance of technology and innovation, and coupled with our leadership and experience we will steer it to expand and further strengthen our stakeholders’ value.”
MD Muthukrishnan Ravi said, “It is our endeavour to create a multinational presence through manufacture of value-added products. This acquisition will give access to MPL’s products in the UK and the wider European market while extending our product offering in the domestic market. Thus, we will expand our global customer and product base.”
The acquisition has been made through internal resources and funding from international Banks, the statement read.