Malmo, Sweden — Perstorp has signed a MoU with Maharashtra Industrial Development Corporation in order to assess potential for investing in a world scale production plant for Penta in India.
The agreement was undertaken as part of the Make in India initiative, launched by Prime Minister Modi in September 2014.
According to Perstorp, the Indian market for coatings is growing fast and the move would support the agenda for Asia it followed by acquiring Japanese Koei Chemical Company’s penta business in July 2015.
“The Penta business is a corner stone for Perstorp and an integral part of the strategy to drive growth in the Asia Pacific region. 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.
The 19 February, 2016 signing of the MoU “demonstrates our intention to take the desired steps in the region” said Perstorp’s president and ceo Jan Secher.
Ulrika Andersson, vp business unit penta, said: "Perstorp has for a longer period successfully been building its position in Asia. The Make in India initiative gives us 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.