India's Jindal Poly Films has entered into an agreement with ExxonMobil Chemical (ExxonMobil) to purchase ExxonMobil's biaxially oriented polypropylene global films business, Jindal Poly Films said on its website Tuesday.
The agreement was signed on October 26 and the transaction remains subject to approvals from regulatory authorities, the company said.
The agreement covers five BOPP production locations in the US and Europe. The manufacturing sites are in Georgia and Oklahoma in the US and in Italy, the Netherlands, and Belgium in Europe.
The transaction also includes a technology center and sales office in Rochester, New York, and an office in Luxembourg, with approximately 1,500 people working in those operations.
Jindal Poly Films is part of the diversified B C Jindal group. The group has interests in flexible packaging, photographic products, thermal power generation and steel products. The company has the world's single largest site for production of BOPP and BOPET films in Nasik, India. Its current combined capacity of BOPET and BOPP is 337,000 mt/year and its sales turnover for 2011-12 (April-March) was $452 million.
