Soudal further invests in booming Indianmarket and acquires 100% of its local joint venture

08/11/2022

Soudal further invests in booming Indianmarket and acquires 100% of its local joint venture

Aftertwelveyears, the successful Joint Venture between Soudal and the Indian McCoyhas come to an end. Soudal has become the sole owner of the company, nowcalled ‘Soudal India’. The business will continue to expand its marketleading production and sales activities in sealants, polyurethane(PU) foams and adhesives in India. JV McCoy-SoudalIn 2010, McCoy Soudal was launchedas a well-structured 50-50 cooperation between the local company McCoy inIndia and Soudal with its headquarters in Turnhout, Belgium. McCoy has 25 years of expertise in techno-commercial services to cater every increasing need of the Indian customers. Soudal is the thirdlargest sealants manufacturer and world’s largest foam manufacture with a turnover of € 1.1 billion euros in 2021.

Soudal, founded by Vic Swerts in 1966, is present in more than 140 countries and owns 24 production sites. For twelve years, the joint venture successfully sold and manufactured Soudal products in India and in South Asian Association for Regional Cooperation (SAARC )countries. For this purposean investment of 500 million INR (approximately 6 million euro) was already made in 2012 to build Asia’s finest and largest sealants and adhesives manufacturing and R&D plant in Bawal, Haryana in India. With the state of the art manufacturing plant of more than 1,800 m²McCoy-Soudal was able to providelocal sales and technical and logistic support in India. The products are used for many different applications, including the automotive sector, the telecom industry and the fenestration and constructionmarketFurther investments in local manufacturing and warehousing are underway.

Soudal IndiaToday, Soudal is thesole owner of the affiliate, that will operate under the name ‘Soudal India’. Soudal’s chairman and founding father Vic Swerts: In 2021 Soudal grew 22%, mainlydue to organic growth. Becoming sole owner of Soudal India is again a significantstep forward into the successful future of Soudal. We look forward tgrow our successful business activities in India and will continue to provide the best possible products and services to customersin India.