MUMBAI, India (Nov. 9)—PMC Group International Inc. has offered to acquire majority control of ICI India Ltd.'s rubber chemicals business, a producer of antioxidants, accelerators, retarders and peptizers, and operate it as a joint venture with the Indian chemicals producer.
Mount Laurel, N.J.-based PMC, a diversified global producer of performance chemicals and plastics products with a strong presence in the U.S. and Europe, offered to pay about $1.8 million for a 51-percent share in the Rishra, India-based business, according to ICI.
ICI's rubber chemicals business, in operation since 1964, generated sales of about $16.5 million fiscal 2004-05. The company said it expected the business to benefit from its association with PMC's technical and marketing expertise.
"The business has been subjected to intense international pricing pressures and competition in the recent past and to protect its long-term interest, it has become necessary to seek support from a business group having experience in allied operations with international presence," ICI India said.