Manali Petrochemicals subsidiary buys UK's Penn Globe

Chennai, Nov 30 (IANS) Petrochemical player Manali Petrochemicals Ltd on Wednesday announced the acquisition of UK-based Penn Globe Ltd and its two subsidiaries for 21 million pounds.According to Manali Petrochemicals, its Board had earlier approved an additional investment up to $35 million in its wholly owned subsidiary AMCHEM Speciality Chemicals Private Limited, Singapore, for potential overseas acquisitions.In line with that, Manali Petrochemical has said through AMCHEM it has completed the acquisition of Penn Globe Limited, UK (PGL) for 21 million pounds.With this acquisition by AMCHEM, PGL along with its two subsidiaries in UK viz., Penn-White Limited and Pennwhite Print Solutions Limited have become wholly owned subsidiaries of Manali Petrochemicals.Penn-White is a manufacturer of foam control agents and similar chemical products including lubricants, surface coatings, release agents and silicone emulsions.Pennwhite Print Solutions manufactures a range of high performance silicone emulsions, anti-statics and consumables developed specifically for the needs of commercial printers.
--IANS vj/uk/

(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)