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allnex, a leading supplier of resins for sustainable coatings solutions, announces the acquisition of the Mahad Manufacturing site and coating resins business from D R Coats Ink & Resins Pvt Ltd (DRC), located in Maharashtra, India.
This strategic acquisition will foster close collaboration with local and regional customers, suppliers and technology partners and help develop a number of attractive business opportunities. For allnex, the Mahad site will be its first self-owned manufacturing site in India. This will allow allnex to introduce new and improved technologies adapted to local market needs more quickly and support our customers in their growth and localisation plans.
The production facility is located in a fully integrated chemical park in Mahad MIDC, Maharashtra, India. Initially, allnex will focus on the production of its range of liquid resins and additives, including alkyds, acrylics, aminos and polyesters. Over time, it is planned to expand production lines to further chemistries.
DRC products, sold under the brand names Drokryl™, Drokyd™, Droplas™ and Dromel™, are part of the acquisition and will be integrated into the allnex product portfolio.
“The acquisition of a production site in Maharashtra, India, is a crucial addition to the global footprint of allnex. It strengthens the strategic direction in which allnex is moving into the future, offering customised solutions focused on new trends and needs of local markets” – says Miguel Mantas, allnex CEO.
“This acquisition is a key cornerstone of allnex’s growth strategy, as India is one of the largest markets in Asia and one of the fastest growing in the world. Investing in this production hub in India will enable allnex to deliver on its growth targets by supporting customers locally and further promote our sustainable coatings solutions in the region,” comments Benoit De Becker, Vice President Strategy & Commercial Excellence.
“This investment strengthens our strategic direction and demonstrates allnex’s intention to be the market leader in India. It will significantly reduce lead times and improve delivery reliability, which are key requirements of our customers. In addition, the site has room for expansion, allowing allnex to further expand and introduce other technologies for local production in the near future,” says Siva Iyer, Vice President – allnex India.