HOUSTON, March 21, 2022 /PRNewswire/ -- Ascend Performance Materials has reached an agreement to acquire Formulated Polymers Ltd., a leading engineered materials manufacturer in Chennai, India. Expected to close on May 1, 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 worldscale manufacturing facility in Chennai as well as several warehouses throughout India. Formulated Polymers 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."
Ascend is set to close on its previously announced acquisition in San Jose Iturbide, Mexico on April 1.
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 the United States, Europe and China. Our growing 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 firstname.lastname@example.org
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