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August 10, 2015 02:00 AM

LyondellBasell to buy India's SJS Plastiblends

PLASTICS NEWS REPORT
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    LyondellBasell
    Patel

    LyondellBasell Industries has agreed to buy SJS Plastiblends Pvt. Ltd., a polypropylene compounder in Aurangabad, India. Terms were not disclosed.

    Houston-based LyondellBasell said the acquisition will enhance its position in India's growing automotive market.

    “This acquisition will expand our global [PP compound] manufacturing footprint and allow us to better compete in the long-term growth of India's automotive market,” said Bob Patel, LyondellBasell's chairman and CEO.

    Globally, India represents the fourth largest growth market for automobiles, with 3 million new vehicles produced each year. According to IHS Inc., India's automotive market is expected to continue growing by 6 to 8 percent annually through 2021.

    LyondellBasell has supplied the Indian market through imports and tolling arrangements since 2009.

    The deal is scheduled to close in late 2015.

    LyondellBasell posted overall first-half profit of almost $2.5 billion, up almost 18 percent vs. the first half of 2014. The profit gain was realized even as sales fell 25 percent to $17.3 billion.

    SJS has approximately 60 employees with annual production capacity of approximately 12,000 metric tons.

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