Through its High Performance Polymers business area – a multinational manufacturer and supplier of engineering polymers based on polyamide, polyester and other materials – the Group has invested approximately EUR 35 million in the acquisition of the Engineering Plastics business of Ester Industries Ltd., an Indian company founded by the Singhania family in 1985 and currently listed on the Bombay Stock Exchange.
Besides engineering polymers, Ester Industries Ltd. has a strong market presence in polyester packaging films, a business the Indian firm intends to continue and strengthen.
“This transaction allows RadiciGroup to further strengthen its presence in the Indian market,” LuigiGerolla, CEO of RadiciGroup High Performance Polymers, pointed out. “Having its ownproduction plant in India, the Group will be able to build on its well-established commercial presencein the country. This site, together with the one under construction in China, is an additional building block to enlarge the Group's footprint on the Asian continent and realize its growth potential; it also furthers the Group's internationalization strategy.”
The acquired production site will become operational at the beginning of the year 2023, following the various transfers of tangible and intangible assets.
With the acquisition of the engineering polymers division of Ester Industries Ltd., RadiciGroup High Performance Polymers will also become a prominent partner in the Asian market for customers in the E&E and lighting sectors.
