Sirmax enters india with a 50:50 partnership with autotech polymers

20/07/2017

After the supervision of the western markets in Brazil and the USA, the moment has come to build a leadership in India and in the Asian markets, resulting in strong growth.

The agreement for the joint venture Autotech-Sirmax India between the company from Padua, Sirmax SpA, and Autotech Polymers India Private Limited was signed on July 18th 2017.  

Sirmax SpA is the fifth biggest European producer of polypropylene compound and engineering plastic compound (techno polymers) for the automotive, appliance, electronics, power tools and all the purpose sectors (household, furniture, construction). Autotech Polymers India Private Limited is one of the most historical Indian families (Nirmal B. Thakkar of Mumbai), active since 1945, who are pioneers in the field of plastic materials of the Indian industry with plants in Gujarat and near New Delhi. The agreement is focused on continuing the strategy of the global growth in Asia and direct presence and multi countries of the Paduan group, giving value to the great opportunities that India has to offer and the increasing demand of thermoplastic materials in the automotive and appliances sectors concentrating on a high focus.

According to the terms of the agreement, Sirmax buys 50% of the Autotech - Sirmax India through the signing of a growth in capital. Autotech holds the remaining 50% maintaining, through their own management, a strategic role in the production of Polypropylene and Engineering Thermoplastic compounds, now also with the license and with the use of Sirmax´s technology and brand. Under the industrial outline, Sirmax completes and reinforces its own core business (PP compound) and techno polymers (EPC), which can be valued through the commercial widespread network of the joint venture in India, while Autotech - Sirmax India will be able to concentrate new energies and resources in the development of the productive capacity and innovative products. The forecast of the JV for 2021 is an increase in the production capacity in India from 15.000 tons to 40.000 tons.

Sirmax has grown in size and market share thanks to the strategy of growth for the external lines (greenfield investments, purchases and jv) and the direct supervision of the markets. 2016 concluded with a consolidated business volume of 220 million euros (+29% compared to 2015) and a gross operating surplus (Ebitda) climbing to 20.1 million euros with a net profit of 14.3 million euros (7.6 million in 2015), financial charges under 1% of turnover.

The 2017 management, also with the contribution of the joint venture in India, forecasts a volume of almost two hundred thousand tons (+20%) for Sirmax SpA, revenue around 280 million euros (+25%) and a gross operating surplus (Ebitda) at around 28 million euros.

 

The Pavin and Sirmax family and the Thakkar and Tipco/Autotech family are extremely grateful to the patriarchs, Mr. Giancarlo Pavin and Mr. Nirmal B. Thakkar, for their guidance, inspiration and blessings for the success of this joint venture.

 

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