Chennai-based Manali Petrochemicals (MPL), a part of Singapore’s AM International, said on Wednesday it had acquired UK-based Penn Globe for GBP 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,” said Ashwin Muthiah, chairman of MPL and founder-chairman of AM International.