Monday, November 18, 2019

Perstorp Invests in Penta Business in India

Perstorp has unveiled plans to invest in the construction of a new Pentaerythritol (Penta) production facility in Gujarat, India. According to the company, the Gujarat plant will produce Penta, including the renewable grades of Voxtar™, providing up to a 60% reduced carbon footprint.

Construction of the Gujarat plant started in October this year, with commercial production planned to begin in Q1 2022. When fully operational, the site will reportedly employ 120 people. The investment will significantly expand Perstorp’s Penta production capacity, designed to produce 40 KT of Penta per annum from 2022, the company said.

“Perstorp is the global market leader in Penta and the market demand for these products is steadily growing. The new Penta plant in India marks a major milestone in our growth strategy, and we are confident that this will not only increase the security of supply for current, as well as new, customers but also further strengthen our position long-term as a sustainable and reliable partner in this region,” said Jan Secher, president and CEO.

Perstorp stated that India is a strategic market with a growing demand for coatings, and it has been planning to strengthen its foothold there for several years. In February 2016, Perstorp signed a Memorandum of Understanding with Maharashtra Industrial Development Corporation as a step in evaluating the opportunity to invest in a new world scale production plant for Penta in the country.

“As a chemical company our strategy is to maximize value from our production plants and find smarter ways to increase capacity within the existing facilities. However, this investment is critical for us to make a major leap in terms of growth. It is our firm belief that this is the right time and place to expand our business,” said Magnus Heimburg, CFO.

The post Perstorp Invests in Penta Business in India appeared first on American Coatings Association.

from American Coatings Association

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