Soudal further invests in booming Indianmarket and acquires 100% of its local joint venture

After twelve years, the successful Joint Venture between Soudal and the Indian McCoy has come to an end. Soudal has become the sole owner of the company, now called ‘Soudal India’. The business will continue to expand its market leading production and sales activities in sealants, polyurethane (PU) foams and adhesives in India.

Joint Venture McCoy-Soudal

In 2010, McCoy Soudal was launched as a well-structured 50-50 cooperation between the local company McCoy in India and Soudal with its headquarters in Turnhout, Belgium. McCoy has 25 years of expertise in techno-commercial services to cater every increasing need of the Indian customers. Soudal is the third largest sealants manufacturer and world’s largest foam manufacture with a turnover of € 1.1 billion euros in 2021.

Soudal, founded by Vic Swerts in 1966, is present in more than 140 countries and owns 24 production sites. For twelve years, the joint venture successfully sold and manufactured Soudal products in India and in South Asian Association for Regional Cooperation (SAARC) countries. For this purpose, an investment of 500 million INR (approximately 6 million euro) was already made in 2012 to build Asia’s finest and largest sealants and adhesives manufacturing and R&D plant in Bawal, Haryana in India. With the state of the art manufacturing plant of more than 1,800 m², McCoy-Soudal was able to provide local sales and technical and logistic support in India. The products are used for many different applications, including the automotive sector, the telecom industry and the fenestration and construction market. Further investments in local manufacturing and warehousing are underway.

Soudal India

Today, Soudal is the sole owner of the affiliate, that will operate under the name ‘Soudal India’. Soudal’s chairman and founding father Vic Swerts: ‘In 2021 Soudal grew 22%, mainly due to organic growth. Becoming sole owner of Soudal India is again a significant step forward into the successful future of Soudal. We look forward to grow our successful business activities in India and will continue to provide the best possible products and services to customers in India. ‘