Specialty materials company Celanese Corp. has agreed to buy Mumbai, India-based engineering thermoplastics firm Next Polymers Ltd. as it seeks to expand in the country and strengthen its global manufacturing base.
Celanese expects to complete the transaction early in the first quarter of 2019, until which Next Polymers will continue to operate independently from Celanese. Financial details of the deal were not disclosed.
Next Polymers specializes in custom compounding of engineering thermoplastics materials for the automobile, electrical and electronics, furniture and home appliances sectors.
Celanese COO Scott Sutton said the acquisition will broaden the company's production capabilities in the Indian market, which is growing at 15% annually.