Eliokem acquires Indian polymer division

Eliokem has completed the acquisition of the polymer division of Apra Industries Ltd., India for $28 million. After the acquisition Eliokem’s global revenues will reach €200 million for a combined capacity in excess of 100,000 tons of polymer. The plant, located in the petrochemical zone in the Western state of Gujarat, adds to and complements Eliokem’s offerings in nitrile polymers and polyblends styrene butadiene reinforcing resins and latices for the rubber industry. Eliokem India has 220 employees with a main office in Mumbai and a manufacturing plant and technology center in Valia, Gujarat state. Eliokem India had revenues of approximately $42 million in 2007 with a growth rate 0f 30% compared to the year before.