MALMO, Sweden—Perstorp Group has signed a memorandum of understanding with the Maharashtra Industrial Development Corp. to evaluate the opportunity to invest in a new world scale production plant for pentaerythritol (Penta) in India.
Penta is a white crystalline polyhydric alcohol containing four primary hydroxyl groups. The product is used as building blocks in alkyd resins for coatings, radiation curing monomers, polyurethanes, rosin eaters, synthetic lubricants and explosives.
Perstorp currently operates three production plants for Penta—in the U.S., Germany and Sweden.
“The Penta business is a cornerstone for Perstorp and an integral part of the strategy to drive growth in the Asia-Pacific region,” Jan Secher, Perstorp, president and CEO, said in a statement. “It requires presence and determination in order to succeed. An investment in India would further build upon and strengthen our No. 1 position in the global market.”
Perstorp Group is a global specialty chemicals company with 2014 sales of $1.4 billion and 1,500 employees, operating manufacturing units in Asia, Europe and North America.