M&A
Manali Petrochem buys UK-based specialty chemical maker Penn Globe for $25-M
Chennai-based, publicly listed Manali Petrochemicals Ltd (MPL), through its wholly-owned, Singapore-based subsidiary Amchem Speciality Chemicals Pvt Ltd, has acquired 100% stake in UK-based speciality chemicals firm Penn Globe Ltd (PGL) for GBP 21 million (about USD 25.37 million). PGL's two subsidiaries - Penn-White Ltd (which makes foam control agents and similar chemical products including lubricants, surface coatings, release agents and silicone emulsions) and Pennwhite Print Solutions Ltd (which makes a range of silicone emulsions, anti-statics and consumables developed specifically for the needs of commercial printers) - have also become wholly-owned subsidiaries of MPL.
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