Perstorp Signs Memorandum of Understanding to Invest in India
Perstorp Holding AB, Malmö, Sweden, has signed a Memorandum of Understanding with MIDC (Maharashtra Industrial Development Corporation) during the event “Make in India”. By doing so, the company initiates the process of evaluating the opportunity to invest in a new world scale production plant for Penta in India.
The related market for coatings is growing fast in the country. Building a world scale production plant would be yet another important part of the ambitious plan to strengthen the position in the Asian Market. In July 2015, Perstorp acquired the Pentaerythritol (Penta) business from Koei Chemical Company Ltd., a Japanese chemicals producer.
Penta is a white crystalline polyhydric alcohol containing four primary hydroxyl groups. Applications are building blocks in alkyd resins for coatings, radiation curing monomers, polyurethanes, rosin esters, synthetic lubricants and explosives. Perstorp is currently producing Penta in three different production plants in Germany, the US and Sweden.
“The Penta business is a corner stone for Perstorp and an integral part of the strategy to drive growth in the Asia Pacific region. It requires presence and determination in order to succeed. An investment in India would further build upon and strengthen our number one position in the global market. Today’s signing of an MoU demonstrates our intention to take the desired steps in the region.” Perstorp’s President and CEO Jan Secher said.
Perstorp Holding AB
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