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Ascend intends to acquire Indian engineering plastics manufacturer to strengthen its application in electric and electric vehicles

 Last Update: 2022-04-27
 Source: Internet
 Author: User

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Ascend Performance Materials has reached an agreement to acquire Formulated Polymers Ltd.
, an engineering plastics maker based in Chennai, India, expected to close on May 1
.
The acquisition will establish Ascend's first production site in the subcontinent and strengthen its global presence in electrical and electric vehicle applications
.

The deal includes a world-scale production facility in Chennai, as well as several warehouses across India
.
Formulated Polymers is currently the licensee of Ascend's Starflam flame retardant polyamide
.
The terms of the agreement were not disclosed
.

Founded in 1991, Formulated Polymers produces polyamide 6, polyamide 12, polyamide 66, polyamide 46, polyphthalamide (PPA), modified polyphenylene ether (mPPO), polyphenylene sulfide (PPS), polyamide Formaldehyde homopolymers and copolymers (POM), homopolymers and copolymers polypropylene (PP), and acrylonitrile-butadiene-styrene (ABS) compounds
.

　　Customers of Formulated Polymers include Ford, Hyundai, Maruti Suzuki, Nissan and Visteon in the automotive industry, and Schneider Electric, Philips, Whirlpool and Samsung in the electronics and appliance industry
.

　　Phil McDivitt, President and CEO of Ascend, said: "India demand for our materials is strong and growing.

The Formulated Polymers team has built an excellent, diversified business in polyamide technology.
A proven track record in development
.
We are excited to build on their expertise to drive value-added growth in India and beyond
.
”

　　Ascend has expanded its global manufacturing footprint through five acquisitions over the past four years, each of which focuses on specific synergies with the company's core business
.
This acquisition provides Ascend with significant growth opportunities in one of the fastest growing economies in the world
.

　　“Customer centricity is one of our values
,” said John Saunders, Ascend Vice President, Europe, Middle East, North Africa and India.
“We look forward to supporting us by continuing to invest in capabilities, technical resources and product development.
customers in fast-growing markets to meet their needs
.
”

　　In addition, Ascend will complete the previously announced acquisition of San Jose Iturbide, Mexico, on April 1
.
With this move, Ascend Performance Materials will add a compounding facility in San Jose Iturbide, expand its global footprint, and expand production capacity for high-performance engineering plastics
.
The acquisition includes the assets of DM Color Mexicana, a joint venture between Dainichiseika and Mitsubishi Corporation
.

　　(Original title: Ascend intends to acquire an Indian engineering plastics manufacturer to strengthen its application in electric and electric vehicles)

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