MOSCOW (MRC) -- Ascend Performance Materials (Houston) has reached an agreement to acquire Formulated Polymers Ltd., a leading engineered materials manufacturer in Chennai, India, said the company.
Expected to close on May 1, this acquisition will establish Ascend’s first manufacturing base in the subcontinent and strengthen Ascend’s global reach in the electrical and e-mobility application space. The deal includes a world-scale manufacturing facility in Chennai, as well as several warehouses throughout India. Formulated Polymers is currently a licensee of Ascend’s Starflam flame-retardant polyamides.
“Demand for our materials in India is strong and growing,” said Phil McDivitt, Ascend’s president and CEO. “The team at Formulated Polymers has built an excellent, diversified business with a proven track record of technology development in polyamides. We are excited to build on their expertise to drive additional value-added growth in India and beyond."
Ascend, a fully integrated producer of durable engineered materials, has grown its global production footprint with five acquisitions over the last four years, each focused on specific synergies with the company’s core business. This acquisition provides a significant growth opportunity for Ascend in India, one of the highest growth economies in the world.
“Being customer-focused is one of our values,” said John Saunders, Ascend’s vice president for Europe, the Middle East, North Africa and India. “We look forward to supporting our customers in a fast-growing market by continuing to invest in capacity, technical resources and product development to meet their needs."
Ascend is set to close on its previously announced acquisition in San Jose Iturbide, Mexico on April 1. Terms of the agreement were not disclosed.
As MRC reported earlier, in January 2021, Ascend Performance Materials acquired Eurostar Engineering Plastics (Fosse, France), a compounder with a broad portfolio of flame-retardant (FR) engineered plastics and expertise in halogen-free formulations.
And in June 2020, Ascend acquired the assets of NCM (Changshu) Co. and Tehe Engineering Plastic (Suzhou) Co. located in Changshu Yushan High-tech Industrial Park near Shanghai. Ascend intends to expand the compounding assets at the site and to establish a global research and development center.