May 16 2006
The Solvay group announces today that it has successfully completed the acquisition of the Polymers Division of Gharda Chemicals in India. Earlier this year, Solvay finalized the acquisition of the US-based start-up company Mississippi Polymer Technologies (MPT). The two operations mark the expansion of Solvay into the upper – most sophisticated – segment of the specialty polymers business.
The acquisition of Gharda provides the Solvay Group with outstanding capabilities for the development, manufacturing, and marketing of a new range of specialty grades of ultra-performance polymers such as polyether ketone (PEEK), high-performance sulfone polymers, and related monomers. The Polymers Division of Gharda Chemicals, which has annual sales of more than USD 10 million, operates an R&D center and production plant in Panoli, Gujarat State. Mississippi Polymer Technologies, Inc. (MPT) is the creator of the PARMAX®, a line of transparent, self-reinforcing polymers, which represent an exciting advance in the mechanical properties of engineering thermoplastics.
“These acquisitions are essential milestones in Solvay’s strategy of sustainable growth and geographic expansion at the top end of the plastics market ” said Vincenzo Morici, General Manager, Strategic Business Unit Specialty Polymers. “We now have an unrivalled portfolio of high value specialty polymers as well as a strong foothold in one of the world’s most dynamic economies,” Morici explained
Solvay plans to manage both acquisitions within its Solvay Advanced Polymers, L.L.C. operating unit headquartered in Alpharetta, Georgia. Additionally, Solvay will invest in Gharda Polymer’s strategic location and develop it into a global center for the production of specialty polymers and other innovative materials. As a first step in this direction, Solvay Advanced Polymers is finalizing plans to expand PEEK production at the Panoli site as part of a broader push to establish a strong market position as a supplier of PEEK.
“With the addition of the talented people and assets of Gharda Polymers and MPT, we are able to provide our customers worldwide with the broadest range of high performance polymers solutions than any other supplier in the world,” said Roger Kearns, president of Solvay Advanced Polymers.