McCoy, Soudal form JV for Indian market
McCoy Silicones, one of the key players in the sealants and adhesives segment, has announced to enter into a 50:50 joint venture agreement with Soudal NV Belgium. The newly formed venture to be called McCoy Soudal Sealants Adhesive & Foams Pvt. Ltd. will manufacture sealants, adhesives and foams in the Indian market under the co-brand McCoy Soudal.
Amit Malhotra, Managing Director, McCoy, said: “By leveraging Soudal’s 44 years of experience in Sealants, Adhesives and Foams, worldwide presence, R&D developments and global manufacturing base, we believe the joint venture will be able to offer the largest globally available range of sealants, adhesives and foams in the Indian subcontinent.”
The company will commence its operations in April this year, and in the initial phase will import all the products from Soudal NV Belgium and their global Subsidiaries. The manufacturing plant to be located in North India will commence operations by second quarter of 2011.
“We believe the joint venture will enable both parties to expand their respective positions in the vibrant and growing Indian marketplace, and to participate in India’s continued emphasis on construction and infrastructure development,” said Vic Swerts, Chairman, Soudal.
The company said the joint venture is the first of its kind in the Indian Sub continent with capabilities of manufacturing the widest range of sealants from Silicones, Polyurethanes, MS Polymers, Acrylics, and Mastics to adhesives for general construction, industrial and DIY applications and specialized Polyurethane foams.
McCoy Group over the last decade has diversified into a variety of products and services related to key industry areas such as automotive, industry and construction.
The corporate head quarter of the joint venture will be in Okhla, New Delhi with branches and operations in Bangalore, Chennai, Hyderabad, Mumbai, Pune, Kolkatta and Guwahati.