The acquisition, which was done through Manali Petrochemicals’ UK Subsidiary AMCHEM Speciality Chemicals, will paid through internal accruals and bank loans, according to a company.
“This acquisition will give access to Manali Petrochemicals’ 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,” said Muthukrishnan Ravi, managing director, Manali Petrochemicals.
Notedome manufactures neuthane polyurethanes, which are used in diverse applications in industries and in automotive segment for anti-roll bars, suspension and shock bushes bump stops and material handling and in the agriculture sector for rollers, harvester components and idler wheels on track laying tractors.
Founded in 1979, the family business has production capacity of about 5,000 – 10,000 tonnes a year depending on the product mix. Notedome has a turnover of about £10-15 million, according to company. It has presence across 45 countries.
On the other hand Manali Petrochem is a Chennai-based petrochemicals company developing products that find application in a variety of industries such as appliances, automotive, bedding, food and fragrances, furniture, footwear, paints and coatings, and pharmaceuticals.
Recently, the company had launched it application centre in Chennai which focuses on developing and bettering systems for polyurethane applications. It also has plans to set up new application centres in Singapore in the next 8-12 months, the statement said. Centres in Doha and Europe in the near future are also expected.
Last month in a filing to the stock exchanges, Manali Petrochem’s board has approved an additional investment up to $15 million in AMCHEM Speciality Chemicals Pvt Ltd, Singapore, the wholly-owned subsidiary of the company for potential acquisition of an overseas System House. In August, the board had vetted an investment of $500,000 the same subsidiary.