Radici Plastics India to acquire the engineering plastics business of Ester Industries for $37m.

Radici Plastics India, a manufacturer of polyamide, synthetic fibres and performance plastics, agreed to acquire the engineering plastics business of Ester Industries, a manufacturer of polyester films and specialty polymers, for $37m. "Today unfolds a significant chapter in our Company, as we take another meaningful step towards our strategic direction of focusing on our core businesses namely Packaging Films and Specialty Polymers where we have proven and well-established capabilities and competencies. While the Engineering Plastics Business has been profitable for the Company specially in the last 2 years, this business was essentially non – core and was also ideal for divestment to release capital for core businesses of the Company. We believe that scaling it up into a large business would have taken significant resources & time and in that sense passing it onto a globally recognized & credible player would be the most logical step for everyone involved," Arvind Singhania, Ester Industries hairman and CEO.