Chemtura Corp., a maker of specialty and farm chemicals, is seeking to acquire companies in India that make industrial chemicals in a bid to quadruple sales to $2 billion from the Asia-Pacific region by 2015.
The size of the acquisition will be “significant,” Chief Executive officer Craig Rogerson told reporters in New Delhi today, without elaborating. The company, based in Philadelphia, imports fire retardant, automotive and other industrial chemicals into India at present.
“That is not a long-term model for success,” Rogerson said. “We can’t afford the time to grow the industrial chemicals business from ground up.”
India currently accounts for about $100 million of the company’s sales. Chemtura will spend as much as $250 million to grow its Asia-Pacific business in the five years to 2015, excluding acquisitions, Rogerson said.
Chemtura, which manufactures farm chemicals at its plant at Gajuraula, in the eastern Indian state of Uttar Pradesh, plans to start exports from the country to Argentina, Australia, Canada and Eastern Europe, said Bharat K. Pandey, director of Chemtura’s South Asia operations.
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