HOUSTON, March 29, 2022 /PRNewswire/ -- Ascend Performance Materials has reached an agreement to acquire the compounding division of Formulated Polymers Limited, a leading engineered materials manufacturer in Chennai, India. This acquisition will establish Ascend's first manufacturing base in the subcontinent and strengthen Ascend's global reach in the electrical and e-mobility application space.
The deal includes a world-scale manufacturing facility in Chennai as well as warehouses throughout India. Formulated Polymers, which has operated over three decades as a polyamide compounder in India, is currently a licensee of Ascend's Starflam® flame-retardant polyamides.
"Demand for our materials in India is strong and growing," said Phil McDivitt, Ascend's president and CEO. "The team at Formulated Polymers has built an excellent, diversified business with a proven track record of technology development in polyamides. We are excited to build on their expertise to drive additional value-added growth in India and beyond."
Ascend, a fully integrated producer of durable engineered materials, has grown its global production footprint with five acquisitions over the last four years, each focused on specific synergies with the company's core business. This acquisition provides a significant growth opportunity for Ascend in India, one of the highest growth economies in the world.
"Being customer-focused is one of our values," said John Saunders, Ascend's vice president for Europe, the Middle East, North Africa and India. "We look forward to supporting our customers in a fast-growing market by continuing to invest in capacity, technical resources and product development to meet their needs."
The deal is expected to close on May 1, after receiving necessary approvals. Terms of the agreement were not disclosed.
About Ascend Performance Materials
Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our 2,800-person global workforce makes the engineered materials, fabrics, fibers and chemicals used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability, inclusion and diversity, and to the success of our customers and our communities.
Learn more about Ascend at www.ascendmaterials.com.
Contact: Alison Jahn, +1 713-210-9809
SOURCE Ascend Performance Materials