Chennai, Jun 25 (UNI) Momentive Performance Materials and Anabond today announced a joint development agreement to develop and manufacture 'Spur Sealants,' a first-of-its-kind product in the Indian market.
Addressing a press conference here, Momentive Performance Materials Managing Director V P Nalian said the agreement allowed the two companies to jointly develop the new product and market them in defined areas.
While Momentive would market this product in the construction segment, Anabond would market it in the automotive and electrical and electronics segments, under licence from Momentive.
The technology behind Spur Sealant was unique and it had properties like non-stain, non-bleed, paintable, high strength, primerless adhesion, fast cure and durable, he said. "There is no like-to-like product available in the Indian market," he said.
Anabond would manufacture the new product in its existing facilities in Chennai and Puducherry, he said, adding depending upon the demand, Anabond would go for setting up a new facility.
The market for the new product in India was estimated at 10 to 15 million US Dollar, he said. The product would be made available in the Indian market by the fourth quarter of this year.
UNI WS SJ 1648