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| Edited By: G Seetharaman |Source: DNA |Updated: Mar 17, 2018, 02:22 AM IST
Polymer-based product-maker Time Technoplast (TTL) is looking at acquisitions in Europe and South-East Asia next fiscal, managing director Anil Jain said.
The acquisitions will be in the industrial packaging space, one of the five businesses TTL is present in.
“We are looking at a company in Europe with revenues of $30 million and a firm in South-East Asia with a turnover of $20 million,” Jain said.
He said that talks were still at the preliminary stages. “We don’t need to raise money immediately for the acquisitions,” Jain said.
TTL had made two acquisitions in 2009, one in the Czech Republic for $5.2 million and another in Thailand for $3 million.
Currently, other than the Czech Republic and Thailand, TTL has plants in the UAE, Poland and Bahrain.
Jain said the plant owned by Kompozit-Praha, which TTL acquired, in Prague would resume production in the second week of January. “The plant was shut most of this year due to the downturn and some internal problems,” Jain said. He said TTL would spend another $2-3 million to make changes in the production line. TTL plans to have Kompozit’s second plant in Qatar, Malaysia or Thailand.
Jain said TTL would commission its new $5 million facility in China on April 1. “We will be making intermediate bulk containers there. We are targeting a capacity of 6,000 tonnes per annum (tpa) and an annual turnover of $15 million,” he said.
