Chennai-based Manali Petrochemicals (MPL) on Monday announced the acquisition of Notedome, based in the UK with more than 30 years of experience of catering to customers across 45 countries, for a total consideration of around R120 crore.
The acquisition was done through Manali’s UK subsidiary AMCHEM Speciality Chemicals UK. Notedome is a manufacturer of neuthane polyurethanes that are used in various industries and applications.
The move will help MPL access new technologies and strengthen efficiencies of the existing systems and applications. According to a company statement, the acquisition will facilitate the company’s expansion plans, and play a significant role in augmenting its capabilities in catering to its global
customer base and their respective requirements. It is also expected to strengthen the specialty and value-added products portfolio, which over the years has witnessed a steady growth in demand.
Ashwin C Muthiah, chairman, MPL, said in a statement: “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.”The acquisition has been made through internal resources and funding from international banks.
Muthukrishnan Ravi, MD, MPL, said, “It is our endeavour to create 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 company had launched an application centre in Chennai a few months ago. It focuses on developing and bettering systems for polyurethane applications. MPL had declared its plans to set up a new application centre in Singapore in the next 8-12 months.MPL is a petrochemicals company developing innovative products since 1986 that find application in a variety of industries such as appliances, automotive, bedding, food & fragrances, furniture, footwear, paints and coatings and pharmaceuticals.Notedome, established in 1979, is a system house, manufacturing Neuthane Polyurethane Cast Elastomers catering to customers across 45 countries.
Neuthane polyurethanes are used in various industries and applications.