Coim acquiring Manali Petrochemicals’ UK polyurethanes unit

Milan, Italy – Italian chemicals company Coim SPA has entered a binding agreement with Manali Petrochemicals to acquire the Indian firm’s UK polyurethane elastomer operations.

The two sides have reached “an agreement in principle” for the acquisition of Notedome, a Coventry-based polyurethane systems company specialising in cast elastomers, said Coim 21 Oct.

With the acquisition, Coim said it strengthens its international presence in the polyurethane systems sector and further expands its product and service capabilities in key European markets.

The two companies will “finalise and execute” a binding share purchase agreement, under which Coim will acquire 100% of the share capital of Notedome Ltd from MPL's Singapore subsidiary, Amchem.

The parties have agreed to a valuation of at least 8.5 times Notedome Ltd's adjusted EBITDA of £2.1 million (€2.4 million), as jointly determined.

The transaction will be completed on a cash-free and debt-free basis, subject to customary closing conditions and shareholder approval by the seller.