Nynas considering India expansion
Nynas global president and CEO Gert Wendroth said the specialty oil company is looking to expand its footprint by setting up depots and adding employees in India, during a recent visit to the country.
Wendroth said: “The tyre market is growing fast in India, and Asia in general is experiencing growth rates much higher than in Europe. Production is shifting to the east and traditional strong players are going to growing markets. With production centres moving to these countries, not only export, but domestic markets in South and Southeast Asia, especially India and China, are important to Nynas’ growth strategy.”
According to reports, Nynsa is not planning on investing in refineries in India as its product travels from Europe relatively quickly and at a reasonable cost.
Nynas is based in Stockholm, Sweden and manufactures specialty oils for tyre manufacturing and rubber plasticizing amongst other things. Nynas has 1,000 employees in its largest market, Europe, closely followed by Asian markets. It reported revenue of US$1.5 billion globally.