Solvay signs agreement to acquire innovative specialty polymers business from Gharda (India)
New R&D, manufacturing unit in India for global development and production
Solvay announced that it has signed a binding Sale & Purchase agreement for the acquisition of the polymers Division of Gharda Chemicals in India. The operation will provide Solvay with a new global platform for the development, manufacturing, and marketing of a new range of specialty grades of ultra-high performance polymers such as polyether ketones (PEEK), high performance sulfones, and related monomers. The transaction is subject to certain conditions including approval from the relevant authorities. Solvay and Gharda are aiming to complete the transaction as soon as practical thereafter.
The Polymers Division of Gharda Chemicals operates a state-of-the-art R&D center and production plant in Panoli, Gujarat State, with about 180 employees with revenues slightly over USD 10 million. The acquisition will provide the Solvay Specialty Polymers Strategic Business Unit with its first industrial base in India. Solvay plans to combine the acquisition into its Solvay Advanced Polymers, L.L.C. operating unit headquartered in Alpharetta, Georgia and intends to invest in this strategic location to develop it into a global center for the development and production of specialty polymers and other innovative materials. As a first step in this direction, Solvay will make investments to expand PEEK production at the Panoli site as part of a broader plan to establish a strong market position for Solvay in this ultra-high performance polymer.
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