MOSCOW (MRC) -- The acquisition closing is now completed. RadiciGroup High Performance Polymers acquired the Engineering Plastics business of the Indian company Ester Industries Ltd., said the company.
Last May, RadiciGroup announced this important action aimed at strengthening its internationalization strategy, with an investment of around 35 million euros: the transaction allows RadiciGroup - in India since 2006 - to further reinforce its local presence through the acquisition of one of the main and historic players on the Indian market.
For RadiciGroup this is a significant industrial investment in which Ester Industries Ltd sells its newly built production plant in the city of Halol (Gujarat), West of India: compound lines, R&D laboratories, customers/suppliers contracts as well as its leading brand ESTOPLAST which includes different types of compounds used primarily in the Electrical/Electronic and Telecommunications markets.
Ester Industries Ltd - one of the leading Indian producers of polyester films, engineering plastics and special polymers - has seen in RadiciGroup the ideal partner to follow up on its consolidated experience in the engineering polymers business, in order to focus on the packaging film sector, a business the Indian firm intends to continue and strengthen.
The new production site, under construction, will become operational at the beginning of 2023, following the various transfers of tangible and intangible assets. As a result of the acquisition, the Group aims to achieve total annual sales in the Indian market of more than EUR 50 million.
We remind, RadiciGroup is to acquire the engineering plastics group of India-based polyester films player Ester Industries. The company will invest EUR35m in the business, which includes a production site near Gujarat that is due to be operational next year. The deal also includes the transfer of compound lines, research laboratories, customer and supplier contacts and Ester Industries compound brand ESTOPLAST.
RadiciGroup High Performance Polymers is a multinational organization with the capacity to manufacture and supply engineering polymers (based on polyamide, polyester and other materials) around the globe, with the backing of a production and sales network across all continents, as well as research and development increasingly focused on high-performance polymers.