Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

PennWhite Limited, UK forms subsidiary in India

Posted On: 2024-02-21 15:50:43 (Time Zone: IST)


PennWhite Limited, UK announced that it is expanding its direct presence in the Indian market through setting up of a subsidiary in India viz., PennWhite India Private Ltd, effective 08/Feb/2024.

PennWhite Limited ("the Company"), based in Middlewich (UK) is a leading manufacturer of antifoam chemistry under the FoamDoctor® brand which is sold in more than 40 countries. A wide range of other speciality chemicals are also manufactured to service the needs of longterm customers. PennWhite's processing aids play an essential part in the products of the world's biggest brands; most consumers may not realise that many of their everyday products have been touched by our specialist processing aids, which are widely used in a wide range of applications, like food & food processing, wastewater treatment, upstream and downstream oil, increasingly in the coatings and adhesives industry.

The company was acquired in November 2022 by Manali Petrochemicals Limited, India (MPL), India's only integrated manufacturer of polyols and a part of AM International, Singapore.

Today the company announces the formation of its Indian Subsidiary viz., PennWhite India Private Limited, (Corporate Identification Number: U20299TN2024PTC167348).

This formation will enable the company to address the growing needs of the Indian market for premium foam control solutions.

The company is currently assessing the viability of establishing a world-class manufacturing facility in Tamil Nadu, India, in the short- to mid-term to enable local manufacture of selected products of the PennWhite Limited product portfolio according to the highest international standards.

Reflecting on this announcement Tobias Tasche (Chief Executive Officer, PennWhite Limited, UK) said: "I am delighted with today's announcement which is the result of continued focus on our global growth strategy to solidify our leading position in foam control agents and chemical solutions. PennWhite Limited already supply customers in more than 40 countries and we are keen to ensure that we have a strong footprint in one of the world's most exciting growth markets.

We have high growth aspirations in the Indian market with our varied value-based offering: we help customers solve tricky foam problems in their industrial plants, so they can place their focus instead on operations of their plants.

It is our intention to continue to provide innovative solutions to help society move to a more sustainable future. We have a strong position already - our speciality products do not use toxic substances and are already widely used to support ecology-friendly processes.

Our acquisition by Manali Petrochemicals less than two years ago has now given us a real platform to build on an opportunity to synergise our capabilities and products to strengthen our position in the Indian and neighbouring Asian market with the additional presence of this new entity."

Chandrasekar Ramaswamy (Wholetime Director & CFO, Manali Petrochemicals Limited) added "It's great to see the benefits of our recent acquisition of step-down subsidiary PennWhite within the context of our own strategy: MPL Group continue to focus on R & D initiatives in speciality segments in order to deliver eco-friendly process, products and solutions to varied industries and diversified customer needs. These strategic elements are aligned with what PennWhite has been doing for almost two decades already in other parts of the world."

Shares of Manali Petrochemicals Limited was last trading in BSE at Rs. 72.86 as compared to the previous close of Rs. 73.92. The total number of shares traded during the day was 97747 in over 1386 trades.

The stock hit an intraday high of Rs. 74.70 and intraday low of 72.20. The net turnover during the day was Rs. 7210816.00.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Persistent Systems Ltd posts consolidated PAT of Rs. 315.32 crores in Q4 FY2023-24

Hero MotoCorp inaugurates new assembly facility in Nepal with partner CG Motors

Star Cement Ltd commences Commercial Production from New Clinker Line of the Company at Lumshnong, Meghalaya

Persistent Systems Limited recommends final dividend of Rs. 10

Authum Investment & Infrastructure Ltd acquires debt of Nitco Ltd

UltraTech Cement Limited announces brownfield capacity expansion

Bhansali Engineering Polymers Ltd to expand capacity of ABS to 2 TPA

Chemtech Industrial Valves Ltd supplies valve to leading copper plant in India

Tamilnad Mercantile Bank Ltd to open 2 new branches each in Karnataka and Tamilnadu

Banas Finance Limited fixes April 26, 2024 as record date for rights issue

KPIT Technologies Limited completes acquisition of balance stake in PathPartner

Bhansali Engineering Polymers Limited recommends final dividend of Rs. 1

UltraTech Cement Limited to acquire 1.1 MTPA grinding unit at Parli, Maharashtra

HDFC Bank posts consolidated net profit of Rs. 17622.38 crores in Q4 FY2024

Sterling and Wilson Solar Ltd reports consolidated profit of Rs. 1.45 crore

Alok Industries Ltd posts consolidated loss of Rs. 215.93 crores in Q4 FY2024

Bhansali Engineering Polymers Ltd posts consolidated PAT of Rs. 40.42 crores in Q4 FY2024

Elecon Engineering Company Limited recommends final dividend of Rs. 2

Lupin launches Mirabegron Extended-Release Tablets in the United States

Biocon Ltd receives approval from SAHPRA for Tacrolimus Capsule

Sona Comstar inaugurates new manufacturing plant in Mexico to cater to growing EV Demand in North America

Landmark Cars drives forward its position in Hyderabad with M&M dealership

HDFC Bank Limited recommends dividend of Rs. 19.50

Sentynl Therapeutics receives marketing authorization for NULIBRY® from the UK MHRA for treatment of MoCD Type A

Rathi Steel and Power Limited avails credit facility of Rs. 43.50 crores

Avantel Ltd receives order worth Rs. 1.84 crores

JSW Neo Energy Ltd receives LoA for 700 MW ISTS-Connected Solar Capacity from NTPC

H. & R. Johnson India Ltd hosts mega event in Hyderabad

Indo Count acquires US Premium National Brand WAMSUTTA

Inox Wind secures repeat order for 210 MW for its 3 MW WTGs from Hero Future Energies

Happiest Minds Technologies Ltd to acquire Macmillan Learning India Pvt Ltd

Man Industries India Ltd receives approval from Shell Global

Aurionpro Solutions acquires Arya.ai, to power next generation Enterprise AI platforms for Financial Institutions globally

Mahindra Logistics empowers communities by launching its first 'Community Centre of Excellence' for skill development

Padget Electronics enters into an Agreement with Longcheer for manufacturing and sale of smart phones

Canara Bank fixes May 15, 2024 as record date for stock split

Mahadhan Agritech and Haifa Group Unite to Drive Agricultural Innovation in India

Cineline India Limited opens 8-Screen multiplex at Amanora Mall, Pune, Maharashtra

Rail Vikas Nigam Ltd emerges L1 for order from South Central Railway

Premier Explosives Limited approves stock split

Hindustan Zinc Ltd announces Q4FY24 results

Davangere Sugar Company Ltd approves stock split

HCC Rights Issue oversubscribed 2.5x

Elecon Engineering Company Limited approves stock split

Rushil Modala Ply Ltd commences commercial production of plywood

Kranti Industries Ltd receives order

Central Bank of India enters into distributorship agreement with Aditya Birla Sun Life AMC Ltd

Dr. Reddy's launches Condition Management programme 'DailyBloom™ IBS'

Puravankara bags prestigious CIDC Vishwakarma Award for Social Development and Impact

Benares Hotels Limited recommends dividend of Rs. 25


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020