Thermax partners Brazil-based OCQ for high-overall performance chemicals
Thermax Chemical Solutions Private Limited, a completely-owned subsidiary of Thermax, has entered into an exclusive shareholder’s agreement with Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ), one of the primary chemical enterprises in Latin America for manufacturing resins and polymers.
Thermax will maintain a majority 51% stake on this new enterprise at the same time as OCQ can have a 49% share. Both enterprises anticipate to create suggestive value, strengthening their global market presence and delivering high-performance chemical solutions.
The new entity can be reliable for production, trading, advertising and selling OCQ prepared materials through using Thermax’s present assets, infrastructure and huge consumer base. To holds the new operations, Thermax will adapt its present industrial plant at Jhagadia, Gujarat, India, and demonstrates the first manufacturing line to produce acrylic resins.
Commenting in this partnership, Ashish Bhandari, Managing Director and CEO, Thermax Limited stated, “OCQ is a main enterprise in its space, and partnering with them will aid us produce and supply high-performance chemicals to a broad variety of industries. originally, manufacturing will target on acrylic resins—broadly used within the paint, adhesives, infrastructure, textile and waterproofing industries. In the future, the plant will increase to include polyester and alkyd resins, between others. This step marks the starting of our venture into a new line of business within the chemical variety of solutions.”
“We saw this as a crucial step to increase our geographic presence and worldwide attain in collaboration with Thermax. With its wealthy legacy of six decades, trusted popularity, and deep industry knowledge, Thermax stands as an ideal companion for this venture. We realize the challenge of coming into a market that Brazilian enterprises have not begun to explore highly, but with Thermax’s proven track record and strong presence within the place, we are confident in seizing this opportunity and tapping into the promising Asian marketplace,” stated Francisco Fortunato, Founding Partner, OCQ Group.
The new entity will strengthen up Thermax’s chemical portfolio, which recently consists of ion exchange resins, water treatment chemicals, oil field chemicals, and production chemicals.
