Perstorp throws weight behind 'Make in India'

International specialty chemicals leader Perstorp has thrown its weight behind the 'Make in India' scheme by initiating the process of evaluating the opportunity to invest in a new production plant for Penta in India.

Perstorp has signed a Memorandum of Understanding (MoU) with  MIDC (Maharashtra Industrial Development Corporation) indicating its intentions.

The related market for coatings is growing fast in India. 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 Penta business from Koei Chemical Company Ltd., a Japanese chemicals producer.

"The Penta business is a corner stone for Perstorp and an integral part of the strategy to drive growth in the Asia Pacific region," said President and CEO Jan Secher. "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."

Ulrika Andersson, Vice-President Business Unit Penta, added: "Perstorp has for a longer period successfully been building its position in Asia. The “Make in India” initiative gives Perstorp an arena to further evaluate opportunities within this exciting region. Ultimately our intention is to develop existing and new customer relationships to further support their success and growth."

Pentaerythritol (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.