MUMBAI, INDIA (April 19, 5:50 p.m. EDT) — By May 1, Polymerupdate.com of Mumbai will use Akron, Ohio-based PolySort LLC's PolymerSite trading exchange to sell resin in India and surrounding countries, said John Braver, PolySort director of business development.
The Indian firm's licensing agreement includes use of PolymerSite's demand aggregation system to group several resin purchasers and reduce costs. Polymerupdate, launched in November 1999, primarily has been a news and resin-pricing source until now. The company's majority owner and chief executive officer is Sajjid Mitha, who also is CEO of resin distributor Far East Trading Co. in Mumbai.
The Indian market is expected to continue its 2 percent annual growth rate in resin purchasing that it has maintained for the past decade, Braver said.
"This gives entry to Polysort into global markets," said Braver, who added that he anticipates more worldwide expansion.
PolySort's U.S.-based site recently formed links to services from GE Capital and Pitney Bowes Escrow Services, Braver said.