One of the world's largest plastics, chemical and refining companies LyondellBasell said, it has acquired India based SJS Plastiblends Pvt. Ltd. (SJS).
“This acquisition will help advance the company's position in India's expanding automotive market,” a press release from LyondellBasell informed.One of the world's largest plastics, chemical and refining companies LyondellBasell said, it has acquired India based SJS Plastiblends Pvt. Ltd.#
Earlier in August, LyondellBasell had announced a definitive agreement to acquire SJS, a polypropylene (PP) compounds manufacturer located in Maharashtra, India.
"This acquisition underscores our strategy of investing in growth projects that provide a competitive advantage in targeted markets and a strong return on assets," CEO Bhavesh Patel said.
India represents the fourth largest growth market for automobiles globally with three million new vehicles produced each year.
Quoting IHS Inc., LyondellBasell informed that India's automotive market is expected to continue growing by 6 to 8 per cent annually through 2021.
“Additionally, the World Bank has predicted India's GDP to grow at a rate of 8 per cent by 2017,” the company added in the press release.
The Maharashtra compounding plant has an annual production capacity of approximately 12,000 metric tons or 26 million pounds.
In addition to the already existing product lines, the facility will produce LyondellBasell's Hostacom glass fibre-reinforced, mineral filled and unfilled coloured grades as well as Hifax high impact thermoplastic olefins.
According to LyondellBasell, these products are used in the manufacture of automotive parts, home appliances and other applications.
LyondellBasell is the world's largest producer of PP compounds with an annual capacity of 1.2 million metric tons or 2.4 billion pounds.
LyondellBasell manufactures products at 56 sites in 19 countries and its products are used in sectors like packaging, electronics, automotive parts, home furnishings, construction materials and biofuels. (AR)
Fibre2Fashion News Desk – India
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