Mitsubishi Chemical Corporation, headquartered in Tokyo, announced on June 21 that it will acquire Welset Plast Extrusions Pty Ltd (herein referred to as “Welset”), a PVC composite manufacturer headquartered in Mumbai, India.
Welset is principally engaged in the business of PVC and PVC composite materials in India and other regions. Mitsubishi has reached an agreement with it to acquire its related business this fall. Specifically include:
1. Business: PVC composite business owned by Welset;
2. Main uses: medical supplies and equipment, wires and cables, etc.
3. Location, Silvassa, India (Silvasa);
4. Employees: About 100 (as of June 1, 2018).
Welset's PVC composite business has a solid foundation in the Indian and ASEAN markets, especially in India's medical field, which holds a leading market share. Mitsubishi manufactures and sells thermoplastic elastomers in India and is committed to expanding its business in automotive applications, primarily for the development of airbag-related businesses. The acquisition will help Mitsubishi enter the medical PVC compounding business. In addition, Mitsubishi will use Welset's marketing channels and infrastructure to strengthen its existing PVC and thermoplastic elastomer business in India and ASEAN markets.
In the future, Mitsubishi will continue to develop its high-performance polymer business, diversify its application portfolio, and accelerate business development in the growth market.