Manali Petrochemicals has acquired Notedome Ltd of the UK, a manufacturer of Neuthane Polyurethane Cast Elastomers for ₹ 1.20 billion, according to a press release from Manali Petro. Neuthane polyurethanes 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. The acquisition was done through its UK Subsidiary, AMCHEM Speciality Chemicals.
Muthukrishnan Ravi, Managing Director, Manali Petrochemicals, said this acquisition gives MPL a wider product range and reach into new market segments, apart from access to markets in the UK and Europe for its own diversified product range. “We will expand our global customer and product base,” he said. The acquisition was funded through internal resources and international banks.
The UK Company in Coventry is a family run business with a staff of about 25. The production facility has a capacity of about 5,000 – 10,000 tonnes a year depending on the product mix. Notedome has a turnover of about £10-15 million, he said.
Notedome has been in business for over 30 years and caters to customers across 45 countries. MPL is a 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.