Radici Group expands in India by acquiring the Engineering Plastics business of Ester Industries Ltd.
The strategic importance of the Indian market is confirmed by the Group RadiciGroup’s objective, to continue its global growth. Through its High-Performance Polymers business area – a multinational manufacturer and supplier of engineering polymers based on polyamide, polyester and other materials – the Group has invested approximately EUR 35 million in the acquisition of the Engineering Plastics business of Ester Industries Ltd., an Indian company founded by the Singhania family in 1985.
Besides engineering polymers, Ester Industries Ltd. has a strong market presence in polyester packaging films, a business the Indian firm intends to continue and strengthen.
In addition to High Performance Polymers, RadiciGroup has two other business areas: Specialty Chemicals and Advanced Textile Solutions. The Group is led by brothers Angelo, Maurizio and Paolo Radici, the third generation of an entrepreneurial family who, in just over 80 years in business, have transformed a small Italian firm into a global industrial giant capable of offering innovative products with advanced technical characteristics that are manufactured with respect for people and the environment.
“In the Indian market, a strong presence is required to react to growth opportunities in sectors with short and responsive production chains,” Maurizio Radici, vice president and COO of RadiciGroup, concluded. “From the start, the strategy of our High-Performance Polymers business area has been based on working locally in the closest proximity to customers, in order to offer not only products but also prompt and efficient service near to their industrial sites. Presently, the compounding business accounts for one-third of the Group’s total sales; it has helped make the Radici name become recognized worldwide”.
“This transaction allows Radici Group to further strengthen its presence in the Indian market,” Luigi Gerolla, CEO of Radici Group High Performance Polymers, pointed out. “Having its own production plant in India, the Group will be able to build on its well-established commercial presence in the country. This site, together with the one under construction in China, is an additional building block to enlarge the Group’s footprint on the Asian continent and realize its growth potential; it also furthers the Group’s internationalization strategy.” The acquired production site will become operational at the beginning of the year 2023, following the various transfers of tangible and intangible assets.