Ascend Agrees to Acquire Formulated Polymers Ltd.

On March 30, Ascend Performance Materials has entered into an agreement to acquire the composites business of Formulated Polymers Limited, a leading engineered materials manufacturer in Chennai, India. The acquisition will allow Ascend to establish its first manufacturing site in the Indian subcontinent and strengthen Ascend's global presence in electrical and electric vehicle applications.

The deal includes a world-class manufacturing facility in Chennai as well as warehousing facilities across India. Formulated Polymers has been operating in India for over 30 years as a polyamide composites manufacturer and is currently a licensee of Ascend Starflam® flame retardant polyamide.

Phil McDivitt, President and CEO of Ascend, said: "The Indian market has strong and growing demand for our materials. The Formulated Polymers team has created an excellent diversified business with a proven track record in polyamide technology development. .We are excited to leverage their expertise to drive more value-added growth in India and beyond."

A fully integrated producer of durable engineered materials, Ascend has expanded its global production footprint with five acquisitions over the past four years, each of which focuses on specific synergies with the company's core business. The acquisition provides Ascend with significant growth opportunities in India, one of the fastest growing economies in the world.

John Saunders, Vice President, Europe, Middle East, North Africa and India, Ascend, said: "Customer centricity is a value we live by. We look forward to continuing to invest in capacity, technical resources and product development to meet customer needs to rapidly The growing market supports customers.”

The transaction is expected to close on May 1, after obtaining the necessary approvals. Terms of the agreement were not disclosed.