Last checked at 20 Dec 2018 15:11
ELEMENTIS PLC - Acquisition of advantaged manufacturing site in IndiaELEMENTIS PLC - Acquisition of advantaged manufacturing site in India
PR Newswire
London, December 20
20 December 2018
Elementis plc
Acquisition of advantaged manufacturing site in India
Elementis plc (“Elementis” or the “Group”), a global specialty chemicals company, is pleased to announce that it has, through Elementis Specialties (India) Private Limited, entered into an agreement to acquire a production facility in Mumbai, India.
Elementis identified growth in Asia as a key priority in its Reignite Growth strategy. This investment in India represents an important step in the execution of these plans. The production facility we have identified is well located in a premium industrial chemical zone and represents an excellent opportunity for Elementis to establish an advantaged manufacturing presence in a key growth market and realise global supply chain efficiencies.
The site will be acquired for approximately $4m and over the next two years we expect to invest a further $15m in the facility to enable production of additives for the Personal Care, Coatings and Energy markets. The facility will provide a well invested base to serve both India and other fast growing markets in Asia.
The acquisition and subsequent investment will be funded within existing capital expenditure plans.
Commenting on the acquisition, Elementis CEO, Paul Waterman said,
“This is an exciting step for the development of Elementis in Asia. Establishing a direct presence in India will allow Elementis to bring distinctive technology to the market and enable us to strengthen our proposition to customers both in India and beyond. This investment will support our ambitious growth plans in Asia over the coming years which is a key part of our Reignite Growth strategy.”
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