Japan’s Mitsubishi Chemical Corp. (MCC) is acquiring the PVC compound business of Welset Plast Extrusions Pvt. Ltd, a Mumbai, India-based plastics specialist.
Welset currently has two masterbatch and PVC compounds businesses and MCC expects the acquisition of the PVC business to be completed by the fourth quarter of this year.
According to Tokyo-based MCC, Welset’s PVC compound business has a “leading” market share in India’s medical segment, and a solid presence in the ASEAN markets in general.
The Japanese supplier is already active in the Indian market, manufacturing and supplying thermoplastic elastomers in India. The company has indicated that it is also expanding its TPE business for automotive applications in India, focussing mainly on airbag covers.
With the acquisition, MCC expects to find a foothold in the medical PVC compound business, while improving its existing PVC and thermoplastic elastomers businesses in India and ASEAN markets.
The acquired business has a production plant in Silvassa, west India, and manufactures medical devices, electrical wires and cables. As of 1 June, the plant has 100 employees.