Lubrizol has opened a new applications centre in India to capture a share of the country’s growing coatings and drug ingredients market.
The new Mumbai unit, which will be operated by Lubrizol’s advanced materials division, will provide drug industry with application and formulation development services, focused around its range of coating technologies.
The facility, which is worth INR50m ($1m) according to a Hindu Business Line report, is one of several the firm operates in the region, which was a point stressed by unit president Eric Schnur.
“We view this market as a great opportunity for Lubrizol Advanced Materials, and our new site represents an important step in what we intend to be a long-term effort focused on growth and investment in this region.”
Lubrizol is also planning to expand its 160-strong workforce in India by hiring 100 new employees over the next five years to cater for industry customers in the country's rapidly expanding drug manufacturing and personal care sectors.
Managing director Timothy Madden told MSN news that: "We are working closely with various universities for hiring the best of the talent for the overall domestic development of the company. This will help the company to be able to offer solutions to fit local customer needs.
He also said that: "We are in talks with certain companies especially in the field of pharma, personal care and painting and coating. We may need more people in case there are acquisitions or mergers."
Madden's comments follow just a few days after Lubrizol was mentioned in a Bloomberg article speculating about DSM's future acquisition plans in the personal care supply sector.
The Netherlands-based firm, also a major supplier to the pharmaceutical industry, recently told in-Pharmatechnologist that it was looking to boost its presence in Asia.