PETpla.net Insider 10 / 2020

7 NEWS PETplanet Insider Vol. 21 No. 10/20 www.petpla.net Manjushree Technopack acquires Pearl Polymers Limited Manjushree Technopack Limited (MTL), India’s largest rigid plas- tics packaging company backed by Advent International, announced that it was entering into a Business Transfer Agreement with Pearl Polymers Limited to acquire the commercial operations and manu- facturing facilities of their B2B business. This transaction is subject to customary closing conditions and regulatory approvals. The proposed acquisi- tion of Pearl Polymers’ B2B business will help MTL to consolidate their leadership position in the container seg- ments, while reinforcing their technical strength. Speaking about the acqui- sition, Mr Sanjay Kapote, CEO of Manjushree Tech- nopack Limited said “The acquisition announced is in line with our strategy to grow and diversify our business. Acquiring the B2B business from Pearl Polymers will allow us to consolidate our leadership position in the rigid packaging sector. We expect a seamless integration of the business with the rest of the MTL group given the success we have achieved in our acquisitions to date. Mr Chand Seth, CMD of Pearl Polymers Limited said “Pearl Polymers is the pioneer and was instrumental in creating the market for PET packaging in India. With its customer spread across India and in every segment of the market, we believe that this acquisi- tion will bring great value. Our clients will continue to receive the same high-quality services that they have come to expect for the last 36 years. This deal will allow us to focus and grow the well- known PearlPET brand to new levels. We expect to launch many new product lines in the future.” With the consummation of the proposed transaction, Manjushree will have access to four of Pearl Polymers’ production units and serve Pearl’s existing customer base that includes marquee clientele in the FMCG, liquor and pharma segments. www.manjushreeindia.com Ingersoll Rand awards $150 million equity grant to global workforce Ingersoll Rand Inc., a global provider of mission- critical flow creation and industrial solutions, celebrated its $150 million equity grant to nearly 16,000 employees worldwide with a virtual ringing of The Opening Bell at the New York Stock Exchange. “This is a $150 million investment in our employees,” remarked Vicente Reynal, Chief Executive Officer. “We are not aware of any other industrial company our size having done something like this; it’s a meaningful way to build an ownership culture where all employees can benefit from creating value as they all contribute to our success. Our employees have carried us through the beginning of a successful integration between Gardner Denver and the Ingersoll Rand Industrial segment, built a solid foundation and now position us to pivot to growth and achieve great things in the future. United by a common purpose and set of values, we believe our 16,000 employees around the world are unstoppable.” From an hourly assembly worker on the production line in Quincy, Illinois to a sales representative based in Shanghai, China, all eligible employees received a grant equal in value on the grant date to 20% of that employee’s annual base cash compensation. All per- manent employees in good standing were eligible for the grant except senior management employees who are part of the company’s annual long-term incentive plan and employees in Vietnam and Philippines where local laws make granting equity prohibitive. Reynal continued, “If everybody thinks and acts like an owner, we all share in the benefits of any future value creation as the company continues its growth strategy and improves its profitability. Overall, we view this grant as a core strategy for increased employee engagement, an ownership mindset and sustainable long-term shareholder value enhancement.” www.irco.com Sanjay Kapote, CEO, Manjushree Technopack Ltd. Dimensional and thickness measurements for plastic containers and preforms. • Repeatable • Accurate • Precise • Fast GAWiS D +1.724.482.2163 AGRINTL.COM SEE GAWIS4D IN ACTION