Manali Petrochemicals (MPL) has completed the acquisition of Penn Globe, UK (PGL) on November 30, 2022 by acquiring its entire stake (100%) for a consideration of GBP 21 million. The company has completed this acquisition through its Wholly Owned Subsidiary -- AMCHEM Speciality Chemicals (AMCHEM). With this acquisition, PGL along with its two subsidiaries in UK viz., Penn-White and Pennwhite Print Solutions have become wholly owned subsidiaries of MPL.
Penn Globe, which is located in Cheshire, United Kingdom, is a global market leader in foam control agents and similar chemical products including lubricants, surface coatings, release agents and silicone emulsions. The Boards unanimously approved the acquisition of the company.
Manali Petrochemical (MPL) is a leading petrochemical manufacturer based in Chennai, India. It markets propylene glycol and polyols.